National Petroleum Company Posts N502bn Profit

The Nigerian National Petroleum Company Limited (NNPCL) reported a Profit After Tax (PAT) of N502 billion for November 2025, up from N447 billion in October, despite a sharp decline in revenue to N4.358 trillion from N5.08 trillion in the prior month.

This mixed performance came as Premium Motor Spirit (PMS) availability at NNPCL Retail stations stood at 61 per cent, reflecting a 39 per cent shortage, highlighting ongoing supply challenges for Nigerian consumers.

These figures were contained in the oil firm’s November 2025 report, which also noted that, during the period under review, the state-owned oil company generated N4.358 trillion. It was a decline from the N5.08 trillion it earned in the previous month.

From January to October, according to the report, NNPCL made N12.117trillion statutory payment.

The November report detailed crude oil and condensate output at 1.60 million barrels per day and natural gas production at 6.968 million standard cubic feet per day—figures impacted by planned maintenance on key assets like Esso-Erha, Stardeep-Agbami, and Renaissance-Estuary Area, with recovery eyed for late December amid delays at West African Exploration and Production Company Limited (WAEP).

The report also showed that the Ajaokuta-Kaduna-Kano (AKK) Pipeline reached 90 per cent completion, with mainline welding and pressure-testing done, targeting a 2026 finish.

The OB3 Gas Pipeline reached 96 per cent, with mobilisation for the River Niger crossing underway.

In the month under review, NNPCL crude oil and condensate output was N1.60million barrels per day, while natural gas production was 6.968 million standard cubic feet/day.

The report however, explained that the November production performance was mainly due to planned maintenance activities across key assets (Esso-Erha, Stardeep-Agbami, and Renaissance-Estuary Area) nearing completion, with production recovery expected at the end of December 2025 and continued delays with West African Exploration and Production Company Limited (WAEP) first oil.

While the Ajaokuta-Kaduna-Kano Pipeline (AKK) was 90 per cent completed, the 127-kilometre Obiafu-Obrikom-Oben (OB3) Gas Pipeline project (OB3) recorded 96 per cent completion in the period under review.

NNPC stressed that “AKK (Mainline): Significant progress recorded with completion of the mainline welding works and pressure-testing. Project is on course to be completed in 2026.

“OB3 River Niger Crossing: All required equipment, materials and personnel mobilised to the site; geotechnical data acquisition completed and early construction works ongoing in preparation for commencement of drilling.”

According to the NNPCL, as of November, there was 100 per cent upstream availability.

On Premium Motor Spirit (PMS) availability, the report said NNPCL Retail Limited stations recorded 61 per cent.

The report revealed that NNPCL has completed the 2025 scheduled facilities turn around maintenance (TAM), and production initiatives from JV, PSC, and NNPC Exploration & Production Limited (NEPL) assets in readiness for delivering the 2026 production plan.

In the period under review, NNPCL said it intensified collaboration with its partners through year-end and into 2026 to ensure improved production performance,

maximise infrastructure uptime, and maintain high facility maintenance standards across all our assets.”

The report said the rehabilitation of three wards at the National Orthopaedic Hospital, Igbobi Lagos, has reached

90.1 per cent completion as of November 30, 2025.