Key facts
- NNPC Limited reported revenue of $3.15 billion in May.
- NNPC Limited reported revenue of $3.62 billion in April.
- Crude oil and condensate production increased to 1.73 million barrels per day in May.
- The decline in revenue is attributed to easing oil prices.
- NNPC Limited is Nigeria's state oil company.
NNPC Limited, Nigeria's state oil company, reported a decrease in revenue for May, with earnings falling to $3.15 billion. This figure represents a decline from the $3.62 billion recorded in April. The revenue drop occurred despite an increase in the country's crude oil and condensate production, which reached 1.73 million barrels per day in May. The primary reason cited for the reduced revenue is the easing of oil prices during the month. NNPC Limited is the national oil company of Nigeria, tasked with managing the nation's vast petroleum resources and ensuring the efficient operation of its oil and gas sector.