The Nigerian National Petroleum Company Limited (NNPCL) recorded a strong financial outing in October 2025 with N5.07 trillion in revenue and N447 billion profit after tax.
This is as crude oil and condensate production slid to the lowest level in 10 months, according to the national oil company in its latest monthly performance report.
The report, released on Saturday, said the country pumped 1.58 million barrels per day of crude oil and condensates in October, slipping down from 1.61mbpd in September and marking the lowest monthly output so far in 2025.
The year began strongly at 1.67mbpd in January before fluctuating across the months due to production disruptions, asset downtime, and crude theft in key corridors.
NNPCL, however, said production recovery efforts were ongoing across its joint venture and production sharing contract assets, with industry-wide collaboration intensifying to stabilise output.
Gas production offered a glimmer of hope for the national oil firm, rising to 6,997 million standard cubic feet per day, a significant rebound from 6,284mmscf/d in September, which was one of the lowest points in the year.
Despite the recovery, October’s gas output still trailed the peaks recorded earlier in the year when production hovered between 7,300 and 7,700mmscf/d.
A breakdown showed that gas output opened the year at 7,120 million standard cubic feet per day (mmscf/d) in January before dropping to 6,615mmscf/d in February.
Production recovered slightly to 6,928mmscf/d in March and climbed further in April and May to 7,354mmscf/d/and 7,352mmscf/d, respectively.
June and July marked the strongest months of the year at 7,581mmscf/d and 7,722mmscf/d, driven by increased activity across key gas-rich corridors.
Production began to cool in August at 6,949mmscf/d, before slipping sharply to a year-low of 6,284mmscf/d in September. Output rebounded in October to 6,997mmscf/d, reflecting partial recovery efforts across upstream gas fields
Meanwhile, gas sales improved sharply to 4,713mmscf/d, up from 3,443mmscf/d in September, signalling increased offtake from thermal power plants, industrial users, and export markets.
Similarly, crude oil and condensate production trended downward for most of the year despite brief spells of improvement. Output stood at 1.67 million barrels per day (mmbopd) in January and declined to 1.62mmbopd in February and 1.56mmbopd in March.
Production picked up slightly between April and July, rising from 1.61mmbopd in April to a near-peak 1.69mmbopd in July, before easing to 1.64mmbopd in August and 1.61mmbopd in September.
By October, Nigeria’s crude and condensate output had slipped to 1.58mmbopd, one of the lowest levels recorded in 2025 despite the year’s peak standing at 1.77mmbopd earlier in the cycle.
In contrast to the drop in production, NNPC posted its highest crude oil and condensate sales volume for the year at 26.71 million barrels in October.
This is higher than the 25.49 million barrels sold in July and more than double the 16.32 million barrels recorded in March.
The sales pattern is linked to better evacuation efficiency, improved shipping schedules, and the clearing of previous backlogs.
NNPCL further highlighted progress on its strategic gas infrastructure projects: OB3 Pipeline with a 96 per cent completion while Ajaokuta–Kaduna–Kano Pipeline is at 89 per cent completion
Both pipelines are key to unlocking domestic gas transportation, boosting power generation, and feeding industrial clusters in northern and southern Nigeria.
The company also reported 100 per cent upstream pipeline availability, an improvement that could signal reduced downtime and better operational efficiency.
It added, ‘Strategic Efforts: Industry Collaboration is to continue to sustain industry-wide collaboration and drive production recovery initiatives. Initiate and complete all scheduled facility maintenance activities in Stardeep–Agbami, Esso–Erha, Renaissance–EA, and OML 42 within the November/December window.
‘Production levels during the period continue to be temporarily moderate due to: Ongoing planned maintenance activities across key assets (Usan and SEPNU), Continued delays in the commencement of operations in WAEP (OML 71 & 72), Recent flooding that resulted in well shut-ins in OML 143, Full production recovery planned in mid-December
‘Ajaokuta-Kaduna-Kano Gas Pipeline:AKK (Mainline): Additional resources have been deployed, thereby fast-tracking construction activities across multiple fronts with a clear line of sight to mainline completion before the end of 2025.
‘Obiafu-Obrikom-Oben Gas Pipeline: OB3 River Niger Crossing: Steadily progressing requisite activities preparatory to commencement of drilling in line with the revised execution strategy’.
Between January and September 2025, NNPCL said it remitted N11.15 trillion in statutory payments to the Federation Account, maintaining its position as the government’s single largest revenue source.
The company added that its positive financial performance was underpinned by stable sales, stronger export receipts, and disciplined cost management.
The report’s retail section shows that PMS (petrol) availability at NNPCL Retail stations stood at 50 per cent.
This comes amid sustained pressure from motorists over intermittent fuel queues in some urban centres. NNPCL said distribution interventions and monitoring had improved daily stock levels nationwide.
In its public impact highlight, the report captured the NNPCL Foundation’s financial literacy initiative at the NYSC Kubwa orientation camp, stating that over one million corps members had been reached under the 2025 programme.
