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The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax of ₦502 billion in November 2025, extending its profitability streak despite ongoing challenges in crude oil and condensate production.
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 during the month. The marginal increase from October was largely driven by improved gas output, full pipeline availability and steady domestic fuel supply, which helped offset upstream production constraints.
Crude Output Shows Modest Rebound
Crude oil and condensate production averaged 1.36 million barrels per day (mbpd) in November, up from 1.30mbpd in October, marking a rebound after three consecutive months of decline between August and October. However, output remained below the year’s peak of 1.77mbpd recorded earlier in 2025.
Despite the improvement, production levels were still lower than figures recorded in the first half of the year, when output averaged above 1.40mbpd between January and July.
Gas Production Supports Performance
Gas production continued to play a stabilising role in NNPCL’s operations. Output stood at 6,968 million standard cubic feet per day (mmscf/d) in November, slightly below the 6,997mmscf/d recorded in October.
NNPCL attributed its November performance to strong gas output and trading activities.
“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 stated.
Revenue and Fiscal Contributions
Revenue for the month stood at ₦4.358 trillion, supported by gas sales, trading operations and improved infrastructure uptime.
Cumulatively, statutory payments to the Federation Account reached ₦12.12 trillion between January and October 2025, underscoring the company’s growing contribution to government revenues amid heightened fiscal pressures.
Operational Challenges Persist
The report noted that crude and condensate output in November benefited from partial recovery at some assets following earlier disruptions. Month-on-month production increased by approximately 60,000 barrels per day.
However, NNPCL said output remained constrained by:
- Ongoing repairs on the Forcados export line (OML 30)
- A force majeure at Egbema (OML 61)
- Delays in achieving first oil from the West African Exploration Project
Overall, the sustained profitability reflects NNPCL’s post-commercialisation structure, improved cost discipline and expanding gas footprint, even as oil production continues to face operational and asset-specific challenges.
