Nigeria’s state-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, reported a 13 percent drop in May revenue to N4.33 trillion ($3.15 billion), despite keeping its oil and gas production steady.

The national oil company disclosed the figures in its latest monthly report summary released Wednesday. Revenue fell by N636 billion ($463.7 million) from the N4.97 trillion ($3.62 billion) recorded in April. Profit after tax also dipped to N462 billion ($336.9 million) from N481 billion ($351 million) the previous month.

The results show that market conditions and operational hurdles weighed on earnings, even as output held firm. NNPC said it produced 1.73 million barrels of crude oil and condensate per day in May. Natural gas production averaged 7.77 billion standard cubic feet per day.

NNPC tackles reservoir and export pressures

To counter these earnings pressures, NNPC stated it is working to resolve performance issues, falling reservoir pressure, export constraints, and maintenance shutdowns. Management expects these adjustments to limit delivery delays and lift future output. Despite the monthly dip, NNPC remains the central driver of government funds. The company made N4.9 trillion ($3.57 billion) in statutory payments to the federal account between January and May.

The report also noted progress on two major pipeline projects meant to boost domestic gas supply. The Ajaokuta-Kaduna-Kano pipeline is 94 percent complete, with construction on track to begin delivering gas to Abuja later this year. Meanwhile, the OB3 River Niger Crossing project has hit 97 percent completion. NNPC said workers are finishing tie-in activities to fully commission that section by the end of September.

Nigeria’s NNPC expands regional healthcare infrastructure

Beyond energy operations, the company pointed to a healthcare project through its philanthropic arm, the NNPC Foundation. On May 15, the foundation delivered a 1.5 Tesla magnetic resonance imaging system to the Nnamdi Azikiwe University Teaching Hospital in Anambra State.

The hospital also received chillers, backup power units, and battery racks. Before the official handover, 40 patients received free scans during a technical training session run by General Electric. NNPC said the new equipment reduces the need to send patients outside the region for specialist diagnostic care.

The performance update comes as federal officials try to lift Nigeria’s total crude production past 2 million barrels per day. The government is counting on the AKK and OB3 lines to anchor its domestic energy plans, which aim to use natural gas to power local industries and grid generation.