The Nigerian National Petroleum Company Limited recorded a profit after tax of N502bn in November 2025, sustaining its profitability streak despite a decline in crude oil and condensate production during the month.
Figures from the NNPCL Monthly Financial and Operations Report for November 2025 released on Wednesday, showed that the national oil company also generated N4.36tn in revenue, reflecting a marginal increase compared with October, as improved gas output, full pipeline availability and steady domestic fuel supply offset upstream production challenges.
Crude oil and condensate production averaged 1.36 million barrels per day in November, recovering slightly from 1.30mbpd recorded in October, but still below the year’s peak of 1.77mbpd achieved earlier in 2025.
The November output, however, marked the first rebound after three consecutive months of decline between August and October.
Gas production rose marginally to 6,968 million standard cubic feet per day, compared with 6,997mmscf/d in October, underscoring the continued role of gas in stabilising NNPCL’s operational performance amid crude-related disruptions.
“NNPCL said the ₦502bn profit recorded in November was driven by “improved gas production, strong trading performance and sustained infrastructure availability, despite operational challenges in some crude-producing assets,” the report read.
The N502bn profit recorded in November represents a slight improvement on October’s performance, consolidating the company’s strong earnings momentum in the second half of the year.
Revenue for the month stood at N4.358tn, driven largely by gas sales, trading activities and improved infrastructure uptime.
Cumulatively, statutory payments to the Federation Account rose to N12.12tn between January and October 2025, underlining NNPCL’s growing fiscal contribution to government revenues at a time of heightened pressure on public finances.
The sustained profitability reflects the company’s post-commercialisation structure, improved cost discipline and expanding gas footprint, even as oil production remains vulnerable to operational setbacks and asset-specific disruptions.
Data from the report showed that crude and condensate output in November was supported by partial recovery at some assets following earlier disruptions.
Production averaged 1.36mbpd, compared with 1.30mbpd in October, representing an increase of about 60,000 barrels per day month-on-month.
However, output remained below levels recorded in the first half of the year, when production averaged above 1.40mbpd between January and July. Production had steadily declined from 1.38mbpd in August to 1.37mbpd in September and 1.30mbpd in October, before the modest rebound in November.
NNPCL attributed the subdued performance 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.
In contrast to crude, gas production remained relatively resilient throughout 2025. November gas output of 6,968mmscf/d was broadly in line with October’s 6,997mmscf/d, after rebounding from a sharp dip to 6,284mmscf/d in September.
Earlier in the year, gas production peaked at 7,722mmscf/d in July, before moderating in the third quarter. Gas sales, reported on a two-month lag basis, stood at 4,650mmscf/d in November, slightly lower than 4,713mmscf/d recorded in October, but significantly higher than September’s 3,443mmscf/d.
The sustained gas performance reinforced NNPCL’s strategic push to deepen gas monetisation as Nigeria positions itself as a regional gas hub and transitions to a lower-carbon energy mix.
The report also showed that upstream pipeline availability hit 100 per cent in November, an improvement that helped stabilise production and evacuation during the period.
On the downstream front, PMS availability across NNPC Retail Limited stations stood at 61 per cent, while the company’s nationwide wetness map indicated moderate to high fuel availability across most states, easing supply concerns that had flared intermittently earlier in the year.
NNPCL disclosed that significant progress was recorded on key gas infrastructure projects during the month. The Ajaokuta–Kaduna–Kano gas pipeline achieved completion of its mainline welding and pressure testing, with the project now on track for completion in 2026.
Similarly, work progressed on the Obiafu-Obrikom-Oben gas pipeline, with geotechnical data acquisition completed at the River Niger crossing and early construction works underway ahead of drilling.
The company said it was intensifying collaboration with its joint venture and production-sharing contract partners to complete scheduled turnaround maintenance across facilities and position assets for stronger output in 2026.
Beyond operations, the NNPC Foundation recorded major recognition 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 reported that the rehabilitation of three wards at the National Orthopaedic Hospital, Igbobi, Lagos, had reached 90.1 per cent completion as of November 30.
With production recovery expected towards the end of December and into early 2026, NNPCL expressed optimism that improved asset uptime, gas-led growth and infrastructure delivery would strengthen earnings in the coming year, even as crude oil output remains exposed to operational and security risks.
