Nigeria’s state-owned oil company, NNPC Limited, recorded a 33% increase in after-tax profit to 7.2 trillion naira ($5.43 billion) in 2025, despite a decline in revenue, Chief Executive Bayo Ojulari said on Tuesday.
Revenue fell to 34.5 trillion naira, largely due to lower crude oil prices and weaker petroleum-product sales following the deregulation of the downstream market.
Despite the revenue decline, NNPC said operational performance improved. Crude oil and condensate production reached a five-year high of 1.77 million barrels per day at peak output, while gas supply climbed to a three-year high of 7.2 billion standard cubic feet per day.
Ojulari attributed the stronger profitability to tighter operational discipline, efficiency improvements and continued investment in oil and gas infrastructure.
Refineries And Pipeline Security
NNPC also said Chinese partners had completed studies for the Port Harcourt and Warri refineries under an existing memorandum of understanding, although no final agreement has yet been reached.
Pipeline security has also improved, with community surveillance groups and the military helping to protect major oil infrastructure. Several key pipelines are now operating at or near full capacity.
However, oil theft and vandalism remain challenges, particularly around smaller pipelines and wellheads. NNPC is responding with fibre-optic monitoring, intrusion-detection technology and enhanced wellhead protection systems.
Source: Reuters
Reporting: Camillus Eboh
Writing: Chijioke Ohuocha
Editing: Mark Potter
