The Nigerian National Petroleum Company Limited (NNPCL) posted ₦6.008 trillion in revenue for May 2025, marking a slight increase from the ₦5.972 trillion recorded in April. The rise follows steady gains in crude oil and condensate production, which climbed to 1.63 million barrels per day (mbpd) in May from 1.61mbpd in April. The month’s production peak hit 1.72mbpd, sustaining a recovery trend in the sector.
A closer look shows crude oil output held firm at 1.35mbpd, while condensate volumes inched up to 0.28mbpd from 0.26mbpd the previous month. Gas production also recorded a mild rise to 7.352 billion standard cubic feet per day (bscf/d), though gas sales dipped slightly to 4.185 bscf/d from 4.240 bscf/d. On the export front, crude oil and condensate sales rose sharply to 24.77 million barrels in May, up from 22.16 million in April, marking the highest monthly sales volume since February.
However, downstream performance showed some strain, with fuel availability at NNPC Retail stations falling to 62 per cent in May, compared to 70 per cent in April. Analysts attribute the decline to ongoing supply chain pressures under Nigeria’s deregulated fuel pricing regime. Despite this, the overall performance reinforces expectations that NNPCL may exceed its mid-year revenue target if current trends hold.
