… strong operations under Ojulari drive 1.54 mmbopd crude oil, 6,914 mmscf/d gas production
FY 2025 report shifts focus to operations, omits key financial metrics compared with FY 2024 – Advisors Reports
Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPC) Ltd. has sustained a growth momentum, recording a total revenue of N60.517 trillion in 2025, representing an increase of N15.437 trillion (approximately 34.3%) from N45.08 trillion in 2024.
The national oil company’s strong operating performance in FY 2025 after under Bayo Ojulari, appointment as GCEO led management Board, was supported by an average crude oil production of 1.54 million barrels per day (mmbopd), with peak output reaching 1.77 mmbopd in 2025, alongside natural gas production of 6,914 million standard cubic feet per day (mmscf/d).
This was reflected in the NNPC Limited monthly report summary December 2025, obtained by Advisors Reports, highlighting key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, strategic initiatives in 2025.
The company’s profit after tax rose from N5.41 trillion in FY 2024 to N5.76 trillion in FY 2025.”
Its crude oil and condensates sales peaked at 26.7 million barrels in October, up from a low of 16.3 million barrels in March, reflecting a steady ramp-up in production through the year.
Condensate sales remained stable at around 1 million barrels per month, except for February when sales reached 2 million barrels.
Overall, the average monthly crude oil sale hovered around 22–23 million barrels, underscoring the company’s consistent upstream performance.
The company’s natural gas output showed remarkable resilience, peaking at 4,978 million standard cubic feet per day (mmscf/d) in July, while the lowest output of 3,443 mmscf/d was recorded in September.
Gas sales remained largely above 4,000 mmscf/d, highlighting NNPC’s commitment to supplying domestic power generation and industrial demand.
National Refining Limited (NRL) also recorded significant improvement in availability, rising from 30% in January to a peak of 77% in September, and ending the year at 65%.
NNPC in the report stated that its December production performance was affected by planned
Maintenance work at Stardeep-Agbami, Renaissance-Estuary Area (EA) and unplanned production facility outages.
The company successfully completed the mainline welding works on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline as scheduled. It disclosed that efforts are being intensified to complete the Inlet/Intermediate Pigging Station and Block Valve Station.
Furthermore, the Obiafu–Obrikom–Oben (OB3) River Niger crossing has successfully completed all early works and commenced pilot hole drilling, with assurances that the project remains on track for timely completion.
Meanwhile a review by Advisors Reports showed that the NNPC’s FY2025 report marked a noticeable shift from comprehensive financial disclosure to operational and production-focused reporting.
However, several key financial metrics presented in the FY 2024 report by Ojulari’s board were not included, including segment-wise revenue breakdown, detailed profitability figures, balance sheet data, cash flow statements, operational efficiency ratios, and commentary on financial risks such as liquidity and leverage.
