Friday, July 4, 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 company’s 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 company’s 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 Ajaokuta–Kaduna–Kano (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 Nigeria’s energy infrastructure while delivering strong financial
performance, even amid shifting global oil market dynamics and domestic
economic pressures.
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