The Nigeria National Petroleum Company Limited, NNPC (Ltd), in its monthly report summary for the month of May released on Wednesday, has revealed solid growth across key financial and operational indicators.
While the report showed revenue of N4,335 billion for the month under review with Profit After Tax (PAT) coming in at N462 billion, statutory payments to the Federation for the month January to May were N4,858 billion.
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However, on the production side, the national oil company posted crude oil and condensate output of 1.73 million barrels per day, alongside natural gas of 7,774 million standard cubic feet per day. Also, upstream pipeline availability stood at 98 percent while petrol availability was 57% for the month under review.
The report also brought to the fore NNPC’s efforts in handling performance issues, declining reservoir pressure, lifting constraints, maintenance-related shutdowns and facility reliability challenges.
Two major gas infrastructure projects, the Ajaokuta-Kaduna-Kano (AKK) mainline pipeline and the OB3 River Niger Crossing, were also mentioned. During the month, the Ajaokuta-Kaduna-Kano (AKK) mainline pipeline reached 94 percent completion with construction, installation and pre-commissioning work progressing, while the OB3 River Niger Crossing project hit 97% completion with post-pullback pre-commissioning and tie-in work progressing toward a target of fully commissioning the pipeline section by the end of the third quarter of the year.
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