NNPCL Posts N905bn Profit as Nigeria’s Oil Output Hits 1.68 Million Barrels Daily
- The Nigerian National Petroleum Company Limited (NNPCL) has released it financial report for June, showing a modest post-tax profit
- The national oil firm disclosed the profit in its monthly financial and operational report for the period under review
- However, the report comes amid rising fuel prices and the government’s ongoing efforts to reform Nigeria’s energy sector.
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPCL), has reported a ₦905 billion post-tax profit for June 2025, according to its newly released monthly financial and operational report.
The impressive earnings come on the back of rising oil and gas production, positioning NNPCL as a major contributor to Nigeria’s revenue amid ongoing economic pressures.
Source: Twitter
Upstream output hits new high
Crude oil and condensate production reached an average of 1.68 million barrels per day (mbpd) in June, the highest level recorded since January 2025.
This represents a steady increase from 1.63mbpd in May and 1.61mbpd in April, signalling sustained progress in drilling and upstream operations.
Despite this, crude and condensate sales slightly declined to 21.68 million barrels, down from 24.77 million barrels in May, with February still holding the 2025 record at 25.31 million barrels sold.
Nigeria exceeds OPEC quota in June
However, prior report by Legit.ng disclosed that Nigeria’s daily crude oil production increased above the quota allocated to it by the Organisation of the Petroleum Exporting Countries (OPEC) in June 2025.
This is the second time in 2025 that the country has exceeded its OPEC quota of 1.5 million barrels per day.
The first time was in January, and the second was in June 2025.
Gas production and infrastructure on the rise
Natural gas output also improved, climbing to 7.58 billion standard cubic feet per day (scf/d) in June, up from 7.35bn scf/d in May.
According to industry tracking platform PetroleumPriceNG, daily gas sales reached 4.74bn scf/d, driven by increased demand in both domestic and export markets.
NNPCL credited this growth to better infrastructure and key gas pipeline milestones.
Notably, construction of the Ajaokuta-Kaduna-Kano (AKK) pipeline has reached 83% completion, including successful navigation of the complex River Niger crossing.
Meanwhile, pipeline uptime hit 97%, supported by reduced vandalism and sabotage, major issues that have long plagued Nigeria’s oil-producing zones.
Revenues bolster Federation earnings
NNPCL’s total revenue for June stood at ₦4.57 trillion, reinforcing its position as a critical lifeline for Nigeria’s public finances.
Between January and May 2025, statutory payments to the Federation reached ₦6.96 trillion, underlining the company’s growing role in government funding.
Petrol supply remains inconsistent
Despite the profitability and production gains, NNPCL’s petrol distribution network still faces challenges.
According to the report, fuel availability at NNPCL retail stations was only 71% in June. The North Central, South-South, and North West zones saw marginal improvements, but other regions continue to grapple with supply shortfalls.
Refinery rehabilitation ongoing
The company also provided updates on refinery rehabilitation. The Kaduna Refinery is now 81% completed, while the OB3 pipeline has reached 96% completion.
Turnaround maintenance is underway at the Port Harcourt, Warri, and Kaduna refineries, but no clear date has been given for when they’ll resume full operations.
NNPCL expands youth financial literacy
Beyond its financial results, NNPCL said it continues to invest in social impact through its foundation.
In June alone, over 67,000 NYSC corps members received training under the Financial Literacy Programme, bringing total beneficiaries to 870,383 nationwide
The recent financial reports by the state-owned company underscore the direction of the new leadership under Bayo Ojulari.
Source: Getty Images
Experts believe that the oil firm is realigning itself as it sheds the toga of ambiguity and opaqueness that has characterised its operations under previous leaderships.
NNPC slashes petrol prices nationwide
Legit.ng earlier reported that the NNPCL has announced a reduction in its petrol pump price on Wednesday, July 16, 2025, for its Lagos retail stations.
Checks by Legit.ng showed that in Lagos, NNPC retail outlets are dispensing fuel at N865 per litre to motorists.
The new price for Lagos reflects a N20 reduction, bringing the pump price down from N885 to N865 per litre.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
