The Nigerian National Petroleum Company Limited (NNPCL) posted ₦5.07 trillion in revenue and ₦447 billion profit after tax in October, despite the drop in crude oil and condensate output to a 10-month low.
According to the national oil company’s latest monthly performance report released on Saturday, Nigeria produced 1.58 million barrels per day (mbpd) of crude oil and condensates in October—down from 1.61mbpd in September and the lowest level recorded so far in 2025.
Production, which opened the year at 1.67mbpd in January, has fluctuated throughout 2025 due to pipeline disruptions, crude theft, and downtime across key upstream assets. NNPC noted that recovery efforts continue across its joint venture and production sharing contract assets, with increased industry collaboration aimed at stabilising output.
Production fell from 1.67mbpd in January to 1.62mbpd in February and 1.56mbpd in March. A modest rebound between April and July pushed output from 1.61mbpd to a near-peak of 1.69mbpd in July, before easing again to 1.64mbpd in August and 1.61mbpd in September. At 1.58mbpd, October was one of the weakest months of the year, far below the annual peak of 1.77mbpd recorded earlier in 2025.
In contrast to the production slump, NNPC achieved its highest crude oil and condensate sales volume of the year in October, totalling 26.71 million barrels. This surpassed the 25.49 million barrels sold in July and was more than double the 16.32 million barrels recorded in March.
Although crude volumes dipped, gas production rose to 6,997 million standard cubic feet per day (mmscf/d) in October from September’s year-low of 6,284mmscf/d.
Gas production began 2025 at 7,120mmscf/d in January, before falling to 6,615mmscf/d in February. Output then improved marginally to 6,928mmscf/d in March and climbed to 7,354mmscf/d and 7,352mmscf/d in April and May. June and July were the strongest months at 7,581mmscf/d and 7,722mmscf/d, respectively. From August onward, output softened, dropping to 6,949mmscf/d in August and hitting its lowest point in September before recovering in October.
Gas sales also surged, rising sharply to 4,713mmscf/d in October from 3,443mmscf/d in September, reflecting stronger demand from thermal power plants, industrial customers, and export markets.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
