The Nigerian National Petroleum Company Limited on Wednesday, 31 December announced that it has recorded a profit after tax of N502 billion 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, 31 December, 2025 showed that the national oil company also generated N4.36 trillion 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 ₦502 billon 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 N502 billion 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 N4.358 trillion, driven largely by gas sales, trading activities and improved infrastructure uptime.
Cumulatively, statutory payments to the Federation Account rose to N12.12 trillion 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.
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.
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.
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.
Source: The Punch online
