Gas growth, strong trading and full pipeline availability lift revenue to ₦4.36tn
The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax of ₦502 billion in November 2025, extending its profitability run even as crude oil and condensate production remained below earlier highs.
According to the NNPCL Monthly Financial and Operations Report for November 2025, released on Wednesday, the national oil company generated ₦4.36 trillion in revenue, slightly higher than October’s figure, supported by stronger gas performance, steady trading activity, and improved infrastructure availability.
Oil production rebounds slightly
Crude oil and condensate production averaged 1.36 million barrels per day (mbpd) in November, up from 1.30mbpd in October, marking a modest recovery after three consecutive months of decline between August and October.
Despite the rebound, output remained below the 2025 peak of 1.77mbpd, recorded earlier in the year, and underperformed first-half averages when production stayed above 1.40mbpd.
NNPCL said the November uptick was aided by partial recovery at some production assets following earlier disruptions.
Gas output supports earnings
Gas production continued to play a stabilising role in the company’s operations. Output stood at 6,968 million standard cubic feet per day (mmscf/d) in November, broadly in line with 6,997mmscf/d recorded in October.
Although below the July peak of 7,722mmscf/d, gas output remained resilient after rebounding from a sharp dip in September. Gas sales, reported on a two-month lag basis, averaged 4,650mmscf/d, slightly lower than October but significantly higher than September levels.
NNPCL attributed the November profit to “improved gas production, strong trading performance and sustained infrastructure availability, despite operational challenges in some crude-producing assets.”
Revenue, remittances and infrastructure gains
Revenue for the month stood at ₦4.358 trillion, driven mainly by gas sales, trading operations, and improved pipeline uptime. Upstream pipeline availability reached 100 per cent in November, helping to stabilise evacuation and production.
Between January and October 2025, NNPCL’s statutory remittances to the Federation Account rose to ₦12.12 trillion, highlighting its growing fiscal contribution amid mounting pressure on public finances.
Operational challenges persist
The company said crude production continued to face setbacks due to ongoing repairs on the Forcados export line (OML 30), a force majeure at Egbema (OML 61), and delays in achieving first oil from the West African Exploration Project.
These issues contributed to production falling steadily from 1.38mbpd in August to 1.30mbpd in October, before recovering slightly in November.
Downstream supply and gas projects advance
On the downstream side, PMS availability across NNPC Retail Limited stations stood at 61 per cent, with the nationwide fuel availability map showing moderate to high supply across most states.
The company also reported progress on major gas infrastructure projects. The Ajaokuta–Kaduna–Kano (AKK) gas pipeline completed its mainline welding and pressure testing and remains on track for delivery in 2026.
Work also advanced on the Obiafu–Obrikom–Oben gas pipeline, with geotechnical data acquisition completed at the River Niger crossing and early construction activities underway.
Foundation earns recognition
Beyond operations, the NNPC Foundation recorded notable milestones in November, winning five awards at the 2025 SERAS Sustainability Africa Awards, including Most Responsible Organisation in Africa and Best in Gender Equality.
The Foundation also disclosed that the rehabilitation of three wards at the National Orthopaedic Hospital, Igbobi, Lagos, had reached over 90 per cent completion.
Outlook
NNPCL said it is intensifying collaboration with joint venture and production-sharing partners to complete turnaround maintenance and improve asset performance ahead of 2026.
With gradual production recovery expected into early next year, the company expressed optimism that gas-led growth, improved infrastructure delivery, and stronger asset uptime will support earnings, even as crude oil output remains exposed to operational and security risks.
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