NNPC Limited booked lower revenues in May compared to April despite the higher crude oil and condensate production, the latest monthly figures by the Nigeria’s state oil and gas firm showed.
NNPC’s revenues fell to $3.15 billion (4.335 trillion Nigerian naira) in May, from $3.62 billion (4.97 trillion naira) in April, as oil prices eased from the Iran war-time highs seen in April.
Profit after tax also fell in May from the previous month, despite the fact that crude and condensate production inched up to 1.73 million barrels per day (bpd), up from 1.68 million bpd in April.
Crude production in Nigeria has been rising in recent months, as Africa’s top oil producer is working to overcome well production and pipeline issues that have been holding back the industry.
Nigeria in May actually produced 102% of its OPEC+ quota of 1.5 million bpd, slightly exceeding the ceiling, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria has shown sustained growth in its crude and condensate output so far this year. Total oil output rose from 1.48 million bpd in February to 1.7 million bpd in May, according to the figures reported by the NUPRC.
Nigeria has struggled to pump to its quota in recent years as sabotage often led to force majeure at major export streams.
However, with a recent crackdown on oil theft and sabotage in the Niger Delta, Nigeria has managed to increase crude production and aims for further growth by 2030.
Nigeria is actively increasing its crude oil production in response to major global supply disruptions caused by the war in Iran, with authorities now aiming to raise output by 100,000 barrels bpd in the immediate term to capture widening supply gaps.
NNPC is set to increase oil production to 2 million bpd over the next two years, its executive vice president for upstream, Udy Ntia, said in November 2025.
By Charles Kennedy for Oilprice.com
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