The Nigerian National Petroleum Company Limited (NNPCL) has declared a ₦6.008 trillion crude oil sale for the month May 2025.
The company also posted a profit after tax of ₦1.054 trillion, even as total production for the month failed to improve.
As reported by the International Centre for Investigative Reporting (ICIR), on Tuesday, the national oil company disclosed these in its Monthly Report Summary for May 2025, released on Monday, 30 June.
The NNPCL Monthly Report Summary for the month of May highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.
It showed that crude oil sales, also known as revenue, increased slightly to ₦6.008 trillion from ₦5.972 trillion in April, while the NNPCL posted a profit after tax of ₦1.054 trillion, up from ₦926 billion in April.
“The rise in crude oil sales despite stalled output, analysts say, was not unconnected with the geopolitical tensions that have continued to be shaped by several key factors, including the ongoing Russia-Ukraine conflict and unrest in the Middle East.
“Data from the Central Bank of Nigeria (CBN) shows that crude oil sales closed at $65.73 per barrel in May, relative to $64.88 in April.
“The latest monthly NNPCL’s report indicates that crude oil and condensate production rose to 1.63 million barrels per day (bpd) from 1.61 million bpd in April, peaking at 1.72 million bpd for the month,” ICIR reported.
A breakdown of the report, however, shows that crude oil output held flat at 1.35 million bpd from the same figure in April.
The condensate volumes, however, recovered slightly to 280,000 bpd in May from 260,000 bpd in April.
“On strategic efforts, progressed technical interventions or AKK to resolve challenges of River Niger crossing and conducting detailed evaluation on OB3 RNC to determine the best project execution path going forward,” NNPCL stated.
