NNPCL posts ₦502bn November revenue as fuel features cushion oil output dip

The Nigerian Nationwide Petroleum Firm Restricted posted a revenue after tax of ₦502bn in November 2025, extending its run of sturdy earnings regardless of continued stress on crude oil and condensate production.

In accordance with figures contained within the NNPCL Month-to-month {Financial} and Operations Report for November 2025 launched on Wednesday, the nationwide oil firm generated ₦4.36tn in income in the course of the month, representing a slight enhance from October.

The improved efficiency was supported by stronger fuel output, full pipeline availability and regular home gas provide, which helped offset challenges in upstream crude production.

Crude oil and condensate production averaged 1.36 million barrels per day in November, up marginally from the 1.30mbpd recorded in October. Nevertheless, output remained under the 12 months’s peak of 1.77mbpd achieved earlier in 2025. The November determine nonetheless marked the primary rebound after three straight months of decline between August and October.

Gasoline production remained comparatively secure, averaging 6,968 million commonplace cubic toes per day in November, in contrast with 6,997mmscf/d in October. The efficiency underscored the function of fuel in supporting NNPCL’s operations amid disruptions affecting crude output.

“NNPCL stated the ₦502bn revenue recorded in November was pushed by ‘improved fuel production, sturdy buying and selling efficiency and sustained infrastructure availability, regardless of operational challenges in some crude-producing belongings,’” the report learn.

The ₦502bn revenue represented a modest enchancment on October’s consequence, reinforcing the corporate’s sturdy earnings momentum within the second half of the 12 months. Month-to-month income stood at ₦4.358tn, pushed largely by fuel gross sales, buying and selling actions and higher infrastructure uptime.

Between January and October 2025, statutory funds to the Federation Account climbed to ₦12.12tn, highlighting NNPCL’s rising fiscal contribution to authorities revenues amid mounting stress on public funds.

The report attributed the sustained profitability to the corporate’s post-commercialisation construction, improved value self-discipline and increasing fuel footprint, at the same time as oil production remained uncovered to operational setbacks and asset-specific disruptions.

Information confirmed that November’s crude and condensate output benefited from partial restoration at some belongings following earlier disruptions. Production rose by about 60,000 barrels per day month-on-month from October’s degree however stayed under the common recorded within the first half of the 12 months, when output exceeded 1.40mbpd between January and July.

NNPCL defined that the subdued crude efficiency mirrored ongoing repairs on the Forcados export line (OML 30), a pressure majeure at Egbema (OML 61), and delays in reaching first oil from the West African Exploration Venture.

Gasoline production, nevertheless, proved extra resilient all through 2025. November’s output of 6,968mmscf/d was broadly per October’s 6,997mmscf/d, following a pointy dip to six,284mmscf/d in September. Earlier within the 12 months, fuel output peaked at 7,722mmscf/d in July earlier than easing within the third quarter.

Gasoline gross sales, reported on a two-month lag, stood at 4,650mmscf/d in November, barely under October’s 4,713mmscf/d however properly above September’s 3,443mmscf/d. The sustained fuel efficiency strengthened NNPCL’s technique to deepen fuel monetisation as Nigeria positions itself as a regional fuel hub and transitions to a lower-carbon power combine.

The report additionally confirmed that upstream pipeline availability reached 100 per cent in November, serving to to stabilise production and evacuation in the course of the interval.

On the downstream aspect, petrol availability throughout NNPC Retail Restricted stations averaged 61 per cent, whereas the corporate’s nationwide wetness map indicated reasonable to excessive gas availability throughout most states, easing earlier provide issues.

NNPCL additional disclosed progress on key fuel infrastructure initiatives in the course of the month. The Ajaokuta–Kaduna–Kano fuel pipeline accomplished its mainline welding and stress testing and stays on monitor for completion in 2026. Work additionally superior on the Obiafu-Obrikom-Oben fuel pipeline, with geotechnical knowledge acquisition accomplished on the River Niger crossing and early building actions underway.

The corporate stated it was strengthening collaboration with three way partnership and production-sharing contract companions to finish scheduled turnaround upkeep and place belongings for stronger output in 2026.

Past operations, the NNPC Basis acquired 5 awards on the 2025 SERAS Sustainability Africa Awards in November, together with Most Accountable Organisation in Africa and Finest in Gender Equality.

The inspiration additionally reported that rehabilitation of three wards on the Nationwide Orthopaedic Hospital, Igbobi, Lagos, had reached 90.1 per cent completion as of November 30.

Wanting forward, NNPCL expressed optimism that improved asset uptime, gas-led progress and infrastructure supply would assist earnings in 2026, at the same time as crude oil production stays weak to operational and safety dangers.