The Nigerian National Petroleum Company Limited (NNPCL) has posted a significant financial milestone, announcing a total revenue of N6.008 trillion for May 2025, reflecting a marginal increase from the N5.972 trillion reported in April. The revenue uptick, according to NNPCL’s latest operational and financial report, comes on the back of improved oil and condensate production as the state-owned company continues to navigate a challenging global energy landscape.
In the statement released Monday, the national oil company also disclosed a 14 percent increase in profit after tax, rising to N1.054 trillion in May, compared to N926 billion in April. This signals a continuation of a positive earnings trend driven by steady production growth and robust crude sales.
May saw Nigeria’s average daily crude oil and condensate production climb to 1.63 million barrels per day (mbpd), up slightly from 1.61mbpd in April. Notably, the production peak for the month hit 1.72mbpd, reflecting ongoing efforts to restore upstream output levels despite operational and infrastructural challenges across the Niger Delta.
The breakdown of production figures shows crude oil output remaining stable at 1.35mbpd, while condensate production recovered modestly to 0.28mbpd, from 0.26mbpd recorded in April.
NNPCL’s gas production for May stood at 7.352 billion standard cubic feet per day (bscf/d), maintaining a consistent output level from the 7.354 bscf/d recorded the previous month. However, gas sales slightly declined to 4.185 bscf/d from 4.240 bscf/d in April, potentially reflecting seasonal variations in demand or logistical constraints.
Despite the slight dip in gas sales, the company said its midstream operations remain resilient, supported by ongoing domestic gas supply commitments and international contracts.
One of the month’s key highlights was the surge in crude oil and condensate sales, which reached 24.77 million barrels, marking the highest volume since February 2025. This represents a sharp increase from 22.16 million barrels sold in April, indicating a stronger export performance amid a more stable oil market.
Market analysts attribute the increased sales to improved operational efficiency, favorable pricing during part of the month, and stronger international demand from refining countries, particularly in Asia and Europe.
Since NNPCL began publishing monthly summary reports under the leadership of Managing Director Bayo Ojulari, the company has made visible strides in transparency and operational disclosures. The May summary continues this trend, providing granular insights into revenue flows, production metrics, and performance benchmarks across upstream, midstream, and downstream segments.
The company reaffirmed its commitment to supporting Nigeria’s fiscal stability through increased oil production, enhanced energy security, and remittances to government revenue accounts. Stakeholders in the oil and gas sector have welcomed the improved disclosures but urge NNPCL to consolidate gains by addressing crude oil theft, pipeline vandalism, and long-standing infrastructure deficits.
With the global oil market showing signs of stabilization following the recent geopolitical tensions in the Middle East, NNPCL’s performance could be a bellwether for Nigeria’s macroeconomic outlook in Q2 and Q3 of 2025. Oil remains a major source of foreign exchange and revenue for the country, which is grappling with rising debt, inflation, and infrastructure challenges.
Financial experts suggest that sustained production levels above 1.6mbpd, coupled with disciplined reinvestment of profits, could significantly ease Nigeria’s balance-of-payment pressure and restore investor confidence in the energy sector.
NNPCL’s May performance underscores its growing efficiency and resilience in a complex oil market. With revenue hitting N6.008 trillion and production figures steadily recovering, the company appears poised to play a central role in Nigeria’s post-reform economic strategy under President Bola Tinubu’s administration.
However, experts warn that sustained success will depend on reforms in pipeline security, operational cost management, and broader energy sector diversification. As Nigeria edges toward its 2025 energy targets, NNPCL’s transparency and profitability will remain under close public and industry scrutiny.