ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian National Petroleum Company Limited posted a profit after tax of N502bn in November 2025, maintaining its run of profitability despite a drop in crude oil and condensate output during the period.
Data from the NNPCL Monthly Financial and Operations Report for November 2025, released on Wednesday, showed that the national oil company also recorded revenue of N4.36tn, a slight increase from October.
The improvement was supported by higher gas output, full pipeline availability and stable domestic fuel supply, which helped cushion the impact of upstream production challenges.
Crude oil and condensate production averaged 1.36 million barrels per day in November, up modestly from 1.30mbpd in October, but still below the year’s high of 1.77mbpd recorded earlier in 2025.
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The November figure marked the first recovery after three straight months of decline between August and October.
Gas production edged to 6,968 million standard cubic feet per day, compared with 6,997mmscf/d in October, highlighting gas’s continued role in supporting NNPCL’s operational stability 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 represented a marginal improvement on October’s result, reinforcing the company’s solid earnings momentum in the second half of the year.
Monthly revenue stood at N4.358tn, largely supported by gas sales, trading activities and improved infrastructure uptime.
Cumulative statutory payments to the Federation Account increased to N12.12tn between January and October 2025, underscoring NNPCL’s rising fiscal contribution amid mounting pressure on public finances.
The continued profitability was attributed to the company’s post-commercialisation framework, tighter cost controls and an expanding gas portfolio, even as oil production remained exposed to operational setbacks and asset-specific issues.
According to the report, crude and condensate output in November benefited from partial recovery at some assets following earlier disruptions.
Average production of 1.36mbpd represented an increase of about 60,000 barrels per day from October’s level.
However, output stayed below the first-half average of over 1.40mbpd recorded between January and July.
Production had slipped from 1.38mbpd in August to 1.37mbpd in September and 1.30mbpd in October before rebounding slightly in November.
NNPCL linked the subdued crude performance to ongoing repairs on the Forcados export line (OML 30), a force majeure at Egbema (OML 61), and delays in reaching first oil from the West African Exploration Project.
By contrast, gas output remained relatively stable throughout 2025. November production of 6,968mmscf/d was broadly in line with October’s 6,997mmscf/d, following a sharp drop to 6,284mmscf/d in September.
Gas production had peaked at 7,722mmscf/d in July before easing in the third quarter. Gas sales, reported with a two-month lag, stood at 4,650mmscf/d in November, slightly below October’s 4,713mmscf/d but well above September’s 3,443mmscf/d.
The steady gas performance strengthened NNPCL’s strategy to deepen gas monetisation as Nigeria advances its ambition to become a regional gas hub and transition towards a lower-carbon energy mix.
The report further showed that upstream pipeline availability reached 100 per cent in November, helping to stabilise production and evacuation.
In the downstream segment, PMS availability across NNPC Retail Limited outlets stood at 61 per cent, while the company’s nationwide wetness map indicated moderate to high fuel availability in most states, easing earlier supply concerns.
NNPCL also reported notable progress on major gas infrastructure projects during the month.
The Ajaokuta–Kaduna–Kano gas pipeline completed mainline welding and pressure testing and is now on course for completion 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 ahead of drilling.
The company said it was strengthening collaboration with joint venture and production-sharing contract partners to complete planned turnaround maintenance and position assets for improved output in 2026.
Outside core operations, the NNPC Foundation received significant 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 disclosed that rehabilitation work on three wards at the National Orthopaedic Hospital, Igbobi, Lagos, had reached 90.1 per cent completion as of November 30.
With production recovery anticipated towards the end of December and into early 2026, NNPCL expressed confidence that better asset uptime, gas-driven growth and infrastructure delivery would bolster earnings in the coming year, even as crude output remains vulnerable to operational and security challenges.