NNPCL declares ₦1.054 trillion profit for May 2025

The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of 1.054 trillion for May 2025, representing a significant 40.4 percent jump from the 748 billion recorded in April. The figures were contained in the companys latest Monthly Report Summary for May 2025, released on Tuesday. According to the report, NNPCL also posted a revenue of 6.008 trillion for the month and disclosed that it has remitted a total of 5.583 trillion to the federal government between January and May 2025. NNPCL clarified that the financial results are provisional and unaudited, covering only the companys direct operations. They do not include the activities of independent oil and gas operators, whose figures are reported separately by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report also highlighted operational milestones. Average daily crude oil and condensate production for May stood at 1.629 million barrels per day, while average daily gas production was 7.35 million standard cubic feet. In its infrastructure update, NNPCL noted it carried out turnaround maintenance (TAM) on several critical assets in May. These included the Trans Escravos Pipeline (TEP), the Opuama flow station in Oil Mining Lease (OML) 40, and the Obigbo and Agbada flow stations in OML 17. On refining, the company reported ongoing technical and commercial reviews of the Port Harcourt, Warri, and Kaduna refineries. It also pointed to progress on the AjaokutaKadunaKano (AKK) gas pipeline project, particularly in resolving engineering challenges linked to crossing the River Niger. Similarly, detailed evaluations are underway on the OB3 River Niger crossing to identify the most efficient execution strategy. The company said these efforts underscore its commitment to bolstering Nigerias energy infrastructure while delivering strong financial performance, even amid shifting global oil market dynamics and domestic economic pressures. The post NNPCL declares 1.054 trillion profit for May 2025 appeared first on Linda Ikeji Blog.