The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded N7.2 trillion in profit after tax (PAT) in 2025, up 33 per cent from N5.4 trillion in 2024.
NNPC Group Chief Executive Officer Bayo Ojulari disclosed the results in Abuja during a media briefing following the company’s Annual General Meeting and second Earnings Call.
Despite a 24 per cent decline in revenue, mainly due to lower crude oil prices and reduced product volumes following deregulation, NNPC increased its profit. Earnings per share also rose from N27.07 to N35.90, while return on equity increased by 200 basis points to 16 percent.
NNPC increased its declared dividend by 35 per cent to N5.8 trillion. The company also increased taxes, royalties, and other payments to the government by 39 percent to N22.3 trillion.
Ojulari said stronger earnings reflected improvements in NNPC’s operations and tighter cost and business management.
Crude oil and condensate production reached 1.77 million barrels per day, its highest level in five years. Gas production also reached a three-year high of 7.2 billion standard cubic feet per day.
The higher production levels give NNPC more capacity to invest in energy projects and support government revenue and domestic energy supply.
On gas infrastructure, NNPC said it had completed the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline. The company is now working on the connections to delivery points, starting with Abuja, followed by Ajaokuta and Kaduna.
NNPC plans to begin moving gas through the pipeline to industries and power plants once the remaining connections are completed.
The company also completed the Obiafu-Obrikom-Oben (OB3) gas pipeline in 2026, following years of construction challenges.
For the refineries, potential partners under NNPC’s technical equity partnership model have completed a three-month assessment of the facilities. More than 34 engineers took part in the review, and NNPC is now finalizing the report.
NNPC aims to develop refineries that can operate profitably and sustain their operations without continued financial support. The company expects to outline the next steps soon.
NNPC is targeting 2 million barrels of crude oil production per day by 2027 and 3 million barrels per day by 2030.
For gas, the company targets 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
NNPC also plans to mobilize more than $60 billion in investment across the energy value chain, covering oil, gas, and related infrastructure.
More than 1,000 new professionals joined NNPC in 2025 through its Talent to Value program.
source: thebftonline.com
African Energy Council