By Atoyebi Nike
The Nigerian National Petroleum Company Limited recorded a profit after tax of N502bn in November 2025, sustaining its profitability despite continued challenges in crude oil and condensate production.
According to the NNPCL Monthly Financial and Operations Report released on Wednesday, the company generated N4.36tn in revenue during the month, slightly higher than October, driven by improved gas output, full pipeline availability and stable domestic fuel supply.
Crude oil and condensate production averaged 1.36 million barrels per day in November, up from 1.30 million barrels per day in October, marking the first rebound after three consecutive months of decline. However, output remained below the 2025 peak of 1.77 million barrels per day recorded earlier in the year.
Gas production remained relatively stable at 6,968 million standard cubic feet per day in November, underscoring the role of gas in stabilizing operations amid crude related disruptions. NNPCL said the profit was supported by strong gas performance, trading activities and improved infrastructure uptime.
Revenue for the month stood at N4.358tn, while cumulative statutory payments to the Federation Account rose to N12.12tn between January and October 2025, reflecting the company’s growing fiscal contribution.
NNPCL attributed subdued crude output to repairs on the Forcados export line, a force majeure at Egbema and delays on the West African Exploration Project. In contrast, gas sales remained resilient, reinforcing the company’s strategy to deepen gas monetization as Nigeria positions itself as a regional gas hub.
The report also showed 100 per cent upstream pipeline availability in November and moderate to high fuel availability nationwide. Progress was recorded on key gas projects, including the Ajaokuta–Kaduna–Kano pipeline and the Obiafu-Obrikom-Oben pipeline, both targeted for completion in 2026.
NNPCL expressed optimism that improved asset uptime, gas led growth and infrastructure delivery would strengthen earnings in 2026, even as crude oil output remains exposed to operational and security risks.
