The Nigerian National Petroleum Company Limited has announced exceptional financial performance for May 2025, recording a profit after tax of ₦1.054 trillion, marking a substantial 40.37% increase from the ₦748 billion achieved in April.
The impressive financial results were disclosed in the company’s Monthly Financial Summary for May 2025, released on Tuesday, which also revealed that NNPCL generated total revenue of ₦6.008 trillion during the month under review.
The national oil company’s strong performance has translated into significant contributions to government coffers, with NNPCL remitting a cumulative total of ₦5.583 trillion to the Federal Government between January and May 2025. This substantial remittance underscores the company’s critical role in supporting Nigeria’s fiscal position and national development agenda.
NNPCL emphasized that the financial data presented is provisional and unaudited, covering strictly the company’s own operational activities. The firm clarified that the figures do not incorporate data from independent oil and gas operators, which are reported separately through the Nigerian Upstream Petroleum Regulatory Commission.
On the production front, Nigeria’s crude oil and condensate output averaged 1.629 million barrels per day during May, while the country’s average daily gas production reached 7.35 million standard cubic feet. These production levels reflect ongoing efforts to optimize output across the nation’s oil and gas assets.
The company undertook significant operational improvements during May, conducting turnaround maintenance on several critical infrastructure assets. Key maintenance activities were carried out on the Trans Escravos Pipeline, Oil Mining Lease 40 and Opuama Flow Station, as well as OML 17, Obigbo and Agbada flow stations. These maintenance operations are essential for ensuring optimal performance and extending the operational lifespan of Nigeria’s energy infrastructure.
Regarding downstream operations, NNPCL confirmed that technical reviews of the Port Harcourt, Warri, and Kaduna refineries remain ongoing. These reviews are part of broader efforts to restore the refineries to full operational capacity and reduce Nigeria’s dependence on imported petroleum products.
The company also provided updates on the ambitious Ajaokuta-Kaduna-Kano gas pipeline project, noting progress in addressing engineering challenges, particularly those related to the River Niger crossing. “Detailed evaluations are underway on the OB3 River Niger crossing to determine the most efficient project execution strategy,” NNPCL stated, highlighting the technical complexity involved in this infrastructure development.
The exceptional financial performance comes at a time when NNPCL continues to navigate challenges in both global and domestic energy markets. Industry analysts attribute the strong results to improved cost controls and renewed operational momentum across the company’s key upstream and midstream assets.
The robust profit margins and substantial government remittances demonstrate NNPCL’s commitment to strengthening Nigeria’s domestic energy infrastructure while maintaining profitability despite ongoing market volatility. As the company continues its transformation journey, these results signal positive momentum for Nigeria’s energy sector and broader economic prospects.
