NNPC Posts ₦502bn Profit On Improved Gas Output, 100% Pipeline Availability

The Nigerian National Petroleum Company Limited recorded a profit after tax of ₦502bn in November 2025, following increased gas output, full pipeline availability, and others.

Figures from the NNPC Monthly Financial and Operations Report for November 2025, released on Wednesday, showed that the national oil company generated ₦4.36tn in revenue during the month, reflecting a marginal increase compared with October.

The improved performance was attributed to stronger gas output, full pipeline availability, and steady domestic fuel supply, which helped offset challenges in crude oil production.

“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 November profit represented 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 ₦4.358trn, driven largely by gas sales, trading activities, and improved infrastructure uptime.

The development revealed that the oil and gas firm sustained its profitability streak despite a decline in crude oil and condensate production during the month.

Gas production, however, remained relatively resilient. Output stood at 6,968 million standard cubic feet per day in November, compared with 6,997mmscf/d in October, underscoring the continued role of gas in stabilising the company’s operational performance amid crude-related disruptions.

Crude oil and condensate production averaged 1.36 million barrels per day in November, recovering slightly from the 1.30mbpd recorded in October, but remaining below the year’s peak of 1.77mbpd achieved earlier in 2025. The November figure marked the first rebound after three consecutive months of decline between August and October.

Cumulatively, statutory payments to the Federation Account rose to ₦12.12trn between January and October 2025, highlighting NNPC’s growing fiscal contribution to government revenues at a time of heightened pressure on public finances.

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Data from the report showed that crude and condensate output in November benefited from 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 declined steadily from 1.38mbpd in August to 1.37mbpd in September and 1.30mbpd in October, before the modest rebound in November.

NNPC 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.

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