NNPC Reports N502 Billion Profit in November Amid Oil Production

The Nigerian National Petroleum Company Limited (NNPCL) announced a profit after tax of N502 billion for November 2025, maintaining its profitable performance despite a continued dip in crude oil and condensate production.

According to its latest Monthly Financial and Operations Report released on Wednesday, the state oil company generated N4.36 trillion in revenue during the month. This was supported by improved gas output, full pipeline availability, and steady domestic fuel supply, which helped offset ongoing challenges in upstream crude operations.

Crude and condensate production averaged 1.36 million barrels per day in November, marking a slight recovery from 1.30 mbpd in October but remaining below the 2025 peak of 1.77 mbpd recorded earlier in the year. This marginal rebound follows three consecutive months of decline.

Gas production remained steady at approximately 6,968 million standard cubic feet per day, reinforcing its role in stabilizing the company’s earnings as oil output faces disruptions.

The NNPCL attributed the strong profit to improved gas production, robust trading activities, and sustained infrastructure uptime. Cumulatively, the company has paid N12.12 trillion into the Federation Account between January and October 2025, highlighting its growing contribution to national revenue.

Downstream, fuel availability at NNPCL retail stations stood at 61%, with moderate to high supply levels reported across most states. The company also noted progress on key gas projects, including the Ajaokuta–Kaduna–Kano pipeline, which remains on track for completion in 2026.

Looking ahead, NNPCL expects production to improve toward year-end and into early 2026, supported by planned maintenance and infrastructure upgrades, even as crude output remains vulnerable to operational and security risks.