NNPCL Breaks Records With Jaw-Dropping ₦1.05 Trillion Profit For May 2025

The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of ₦1.054 trillion for May 2025, representing a significant 40.37% increase compared to the ₦748 billion recorded in April.....KINDLY READ THE FULL STORY HERE▶

This was disclosed in the company’s Monthly Financial Summary for May 2025, released on Tuesday, July 1. The report also showed that the state-owned oil giant generated a total revenue of ₦6.008 trillion for the month.

Between January and May 2025, NNPCL said it has remitted a cumulative ₦5.583 trillion to the Federal Government.

However, the company clarified that the figures are provisional and unaudited, covering only its own operations.

“These numbers exclude data from independent oil and gas operators,” NNPCL stated, noting that such figures are separately provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

According to the report, Nigeria’s average daily crude oil and condensate production for May stood at 1.629 million barrels, while gas production averaged 7.35 million standard cubic feet per day.

On the operations side, the company said several key assets underwent turnaround maintenance (TAM) in May, including the Trans Escravos Pipeline (TEP), Oil Mining Lease (OML) 40, Opuama Flow Station, and the Obigbo and Agbada flow stations in OML 17.

Providing an update on downstream activities, NNPCL said technical assessments of the Port Harcourt, Warri, and Kaduna refineries are still in progress.

The company also reported ongoing advancements on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, particularly in addressing engineering challenges associated with the River Niger crossing.

“We are conducting in-depth evaluations on the OB3 River Niger crossing to determine the most viable execution strategy,” it said.

The report underscores NNPCL’s focus on expanding domestic energy infrastructure while maintaining robust profitability amid global and local market headwinds.

Industry analysts attribute the strong financial performance to enhanced cost-efficiency measures and renewed activity across the company’s upstream and midstream sectors.