Despite challenges in crude production, Nigeria’s national oil company maintains profitability through gas sales, trading, and infrastructure uptime.
The Nigerian National Petroleum Company Limited (NNPC) reported a profit after tax of ₦502 billion in November 2025, driven by increased gas production, full pipeline availability, and steady domestic fuel supply.
According to the NNPC Monthly Financial and Operations Report for November 2025, released on Wednesday, the national oil company generated ₦4.36 trillion in revenue during the month, marking a slight increase compared with October.
“The ₦502 billion profit recorded in November was supported by improved gas output, strong trading performance, and sustained infrastructure availability, despite operational challenges in some crude-producing assets,” the report stated.
While crude oil and condensate production faced some setbacks, gas output remained resilient, helping stabilize operations. November gas production stood at 6,968 million standard cubic feet per day (mmscf/d), compared with 6,997 mmscf/d in October.
Crude and condensate production averaged 1.36 million barrels per day (mbpd) in November, recovering slightly from 1.30 mbpd in October, but still below the year’s peak of 1.77 mbpd achieved earlier in 2025. This marked the first rebound after three consecutive months of decline between August and October.
Cumulative statutory payments to the Federation Account reached ₦12.12 trillion between January and October 2025, underlining NNPC’s growing contribution to government revenues amid ongoing fiscal pressures.
The report highlighted that November’s crude recovery was supported by partial production resumption at affected assets. However, overall output remained below the first-half 2025 average of over 1.40 mbpd. Production had steadily declined from 1.38 mbpd in August to 1.37 mbpd in September and 1.30 mbpd in October before the modest November rebound.
NNPC attributed the constrained performance to ongoing repairs on the Forcados export line (OML 30), a force majeure event at Egbema (OML 61), and delays in achieving first oil from the West African Exploration Project.
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