NNPCL Records ₦502 Billion Profit in November Despite Lower Crude Output
NNPCL Records ₦502 Billion Profit in November Despite Lower Crude Output
The Nigerian National Petroleum Company Limited (NNPCL) has recorded a profit after tax of ₦502 billion in November, maintaining strong financial performance despite a decline in crude oil and condensate production during the month.
According to the company’s latest monthly financial and operational report, total revenue for November stood at ₦4.36 trillion, representing a drop from the previous month. The decline in revenue was largely attributed to lower crude oil output and reduced export volumes, driven by planned maintenance activities on key oil assets and ongoing production challenges.
Despite these constraints, NNPCL’s profitability improved, reflecting stronger operational efficiency, improved cost management, and increased contributions from gas and downstream operations. The company’s expanding natural gas portfolio and refined petroleum product sales helped cushion the impact of reduced crude production, underscoring the growing importance of diversification within Nigeria’s energy sector.
Crude oil and condensate production averaged lower than October levels, but NNPCL noted that asset integrity improvements and pipeline security measures remain ongoing to stabilise output in the coming months. Gas production, however, continued to play a critical role in sustaining revenues, aligning with Nigeria’s broader strategy to position gas as a transition fuel and major export earner.
The November performance also highlights NNPCL’s continued contribution to government finances. The company disclosed that it has remitted trillions of naira to the Federation Account in statutory payments so far this year, reinforcing its role as a key pillar of public revenue amid fiscal pressures.
Industry analysts say the profit figure demonstrates NNPCL’s resilience in a volatile global energy market, even as Nigeria grapples with production shortfalls and infrastructure limitations. They note that sustained profitability, alongside transparency in reporting, will be crucial as the company operates under its commercial mandate.
NNPCL expressed optimism that improved production stability, combined with investments in gas and refining capacity, will strengthen performance heading into the new year.
