The Nigerian National Petroleum Company Limited recorded a 33 percent increase in profit after tax (PAT) to N7.2tn in 2025, despite lower crude oil prices and reduced white-product volumes following the removal of petrol subsidy.

The company’s profit rose from N5.4tn recorded in 2024, while revenue stood at N34.5tn during the year under review.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari while presenting the company’s 2025 audited financial results at a media parley, said the improved profitability reflected operational discipline and efficiency across its businesses.

He said earnings growth was achieved despite the decline in crude oil prices recorded in 2025 and a reduction in white-product volumes following market deregulation.

According to him, NNPC Ltd also recorded earnings per share of N35.90, while taxes, royalties and other remittances to government rose by 39 percent to N22.3tn.

“Profit grew because we improved the way we operate, and we maintained discipline across our businesses,” he said.

On production, the GCEO said crude oil and condensate output reached a five-year high of 1.77 million barrels per day at its peak in 2025.

Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day during the period.

He said the production gains reflected sustained attention to the company’s assets and infrastructure, adding that the stronger financial performance would provide NNPC Ltd with greater capacity to invest, contribute to public revenue and strengthen Nigeria’s energy security.

The GCEO said the company had also placed greater emphasis on developing its workforce, describing its people as critical to achieving its production and growth ambitions.

He disclosed that more than 1,000 newly recruited professionals joined NNPC Ltd during the year and completed a rigorous one-year internship and training programme before being deployed across the company.

He also said more than 23 percent of NNPC Ltd’s leadership positions were occupied by women, compared with a global industry average of 17 percent.

On gas infrastructure, the GCEO said the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had been completed, with tie-ins to various locations now underway.

He said the first tie-in would serve the Abuja power plant, followed by connections to Ajaokuta, Kaduna and Kano.

According to him, the real impact of the project would be measured by the extent to which gas supplied through the pipeline translates into increased power generation, industrial activity, jobs and economic opportunities.

He also disclosed that the Obiafu-Obrikom-Oben (OB3) gas pipeline had been completed, describing it as a critical infrastructure for connecting gas sources to markets and supporting industrialisation.

On the company’s refineries, the GCEO said prospective partners under NNPC Ltd’s technical equity partnership model had completed a three-month intrusive, on-site due diligence exercise involving more than 34 engineers.

He said the company was now working towards concluding the due diligence report, with the objective of establishing a pathway for sustainable and profitable refinery operations.

Looking ahead, NNPC Ltd is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.

The company is also targeting natural gas production of 10 billion standard cubic feet per day by 2027 and 20 billion standard cubic feet per day by 2030.

The GCEO said achieving the targets would require the mobilisation of more than $60bn in investment across the energy value chain.

He said the company was determined to operate as a commercially focused, resilient and profitable global energy company, adding that the Petroleum Industry Act had provided the framework for financial discipline and corporate governance.

According to him, the focus now is on implementation and effective execution of the reforms established by the law.

He said the 2025 results demonstrated improved performance while providing a stronger foundation for NNPC Ltd to increase production, invest in its assets and create lasting value for the Nigerian people.

The Nigerian National Petroleum Company Limited recorded a 33 percent increase in profit after tax (PAT) to N7.2tn in 2025, despite lower crude oil prices and reduced white-product volumes following the removal of petrol subsidy.

The company’s profit rose from N5.4tn recorded in 2024, while revenue stood at N34.5tn during the year under review.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari while presenting the company’s 2025 audited financial results at a media parley, said the improved profitability reflected operational discipline and efficiency across its businesses.

He said earnings growth was achieved despite the decline in crude oil prices recorded in 2025 and a reduction in white-product volumes following market deregulation.

According to him, NNPC Ltd also recorded earnings per share of N35.90, while taxes, royalties and other remittances to government rose by 39 percent to N22.3tn.

“Profit grew because we improved the way we operate, and we maintained discipline across our businesses,” he said.

On production, the GCEO said crude oil and condensate output reached a five-year high of 1.77 million barrels per day at its peak in 2025.

Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day during the period.

He said the production gains reflected sustained attention to the company’s assets and infrastructure, adding that the stronger financial performance would provide NNPC Ltd with greater capacity to invest, contribute to public revenue and strengthen Nigeria’s energy security.

The GCEO said the company had also placed greater emphasis on developing its workforce, describing its people as critical to achieving its production and growth ambitions.

He disclosed that more than 1,000 newly recruited professionals joined NNPC Ltd during the year and completed a rigorous one-year internship and training programme before being deployed across the company.

He also said more than 23 percent of NNPC Ltd’s leadership positions were occupied by women, compared with a global industry average of 17 percent.

On gas infrastructure, the GCEO said the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had been completed, with tie-ins to various locations now underway.

He said the first tie-in would serve the Abuja power plant, followed by connections to Ajaokuta, Kaduna and Kano.

According to him, the real impact of the project would be measured by the extent to which gas supplied through the pipeline translates into increased power generation, industrial activity, jobs and economic opportunities.

He also disclosed that the Obiafu-Obrikom-Oben (OB3) gas pipeline had been completed, describing it as a critical infrastructure for connecting gas sources to markets and supporting industrialisation.

On the company’s refineries, the GCEO said prospective partners under NNPC Ltd’s technical equity partnership model had completed a three-month intrusive, on-site due diligence exercise involving more than 34 engineers.

He said the company was now working towards concluding the due diligence report, with the objective of establishing a pathway for sustainable and profitable refinery operations.

Looking ahead, NNPC Ltd is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.

The company is also targeting natural gas production of 10 billion standard cubic feet per day by 2027 and 20 billion standard cubic feet per day by 2030.

The GCEO said achieving the targets would require the mobilisation of more than $60bn in investment across the energy value chain.

He said the company was determined to operate as a commercially focused, resilient and profitable global energy company, adding that the Petroleum Industry Act had provided the framework for financial discipline and corporate governance.

According to him, the focus now is on implementation and effective execution of the reforms established by the law.

He said the 2025 results demonstrated improved performance while providing a stronger foundation for NNPC Ltd to increase production, invest in its assets and create lasting value for the Nigerian people.

The Nigerian National Petroleum Company Limited recorded a 33 percent increase in profit after tax (PAT) to N7.2tn in 2025, despite lower crude oil prices and reduced white-product volumes following the removal of petrol subsidy.

The company’s profit rose from N5.4tn recorded in 2024, while revenue stood at N34.5tn during the year under review.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari while presenting the company’s 2025 audited financial results at a media parley, said the improved profitability reflected operational discipline and efficiency across its businesses.

He said earnings growth was achieved despite the decline in crude oil prices recorded in 2025 and a reduction in white-product volumes following market deregulation.

According to him, NNPC Ltd also recorded earnings per share of N35.90, while taxes, royalties and other remittances to government rose by 39 percent to N22.3tn.

“Profit grew because we improved the way we operate, and we maintained discipline across our businesses,” he said.

On production, the GCEO said crude oil and condensate output reached a five-year high of 1.77 million barrels per day at its peak in 2025.

Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day during the period.

He said the production gains reflected sustained attention to the company’s assets and infrastructure, adding that the stronger financial performance would provide NNPC Ltd with greater capacity to invest, contribute to public revenue and strengthen Nigeria’s energy security.

The GCEO said the company had also placed greater emphasis on developing its workforce, describing its people as critical to achieving its production and growth ambitions.

He disclosed that more than 1,000 newly recruited professionals joined NNPC Ltd during the year and completed a rigorous one-year internship and training programme before being deployed across the company.

He also said more than 23 percent of NNPC Ltd’s leadership positions were occupied by women, compared with a global industry average of 17 percent.

On gas infrastructure, the GCEO said the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had been completed, with tie-ins to various locations now underway.

He said the first tie-in would serve the Abuja power plant, followed by connections to Ajaokuta, Kaduna and Kano.

According to him, the real impact of the project would be measured by the extent to which gas supplied through the pipeline translates into increased power generation, industrial activity, jobs and economic opportunities.

He also disclosed that the Obiafu-Obrikom-Oben (OB3) gas pipeline had been completed, describing it as a critical infrastructure for connecting gas sources to markets and supporting industrialisation.

On the company’s refineries, the GCEO said prospective partners under NNPC Ltd’s technical equity partnership model had completed a three-month intrusive, on-site due diligence exercise involving more than 34 engineers.

He said the company was now working towards concluding the due diligence report, with the objective of establishing a pathway for sustainable and profitable refinery operations.

Looking ahead, NNPC Ltd is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.

The company is also targeting natural gas production of 10 billion standard cubic feet per day by 2027 and 20 billion standard cubic feet per day by 2030.

The GCEO said achieving the targets would require the mobilisation of more than $60bn in investment across the energy value chain.

He said the company was determined to operate as a commercially focused, resilient and profitable global energy company, adding that the Petroleum Industry Act had provided the framework for financial discipline and corporate governance.

According to him, the focus now is on implementation and effective execution of the reforms established by the law.

He said the 2025 results demonstrated improved performance while providing a stronger foundation for NNPC Ltd to increase production, invest in its assets and create lasting value for the Nigerian people.