The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a profit after tax of N7.2 trillion for the 2025 financial year, representing a 33 per cent increase from the N5.4 trillion recorded in 2024.

The Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, disclosed the audited financial results at a media briefing in Abuja on Tuesday, following the company’s Annual General Meeting and earnings call.

Despite the significant increase in profit, the company’s revenue declined during the period, falling to N34.5 trillion from N45.1 trillion in 2024.

Ojulari said earnings per share increased from N27.07 in 2024 to N35.90 in 2025.

He attributed the decline in revenue to lower crude oil prices during the year and reduced product volumes following changes in market regulation and the removal of fuel subsidy.

According to him, the company’s ability to increase its profit despite lower revenue reflected improved operational efficiency and tighter financial discipline across its businesses.

He said NNPC’s taxes, royalties and other remittances to the Federal Government increased by 39 per cent to N22.3 trillion during the financial year.

Ojulari also disclosed that crude oil and condensate production reached a five-year high of 1.77 million barrels per day at its peak, while gas supply rose to a three-year high of 7.2 billion standard cubic feet per day.

He said the improved performance would strengthen the company’s capacity to invest in the energy sector while contributing more to government revenue and national energy security.

“Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue, and strengthen Nigeria’s energy security,” Ojulari said.

Gas infrastructure projects

On infrastructure development, the NNPC chief said the main line of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had been completed, with work now focused on connecting the line to delivery points.

He said the tie-in process would begin with Abuja, followed by Ajaokuta and Kaduna.

According to him, the next major milestone is to commence the flow of gas through the pipeline to industries and power-generation facilities.

Ojulari also announced the completion of the long-delayed Obiafu-Obrikom-Oben (OB3) gas pipeline, which he said had faced several challenges over the years.

The pipeline is expected to strengthen the connection between gas-producing sources and markets.

NNPC reviews refinery partnerships

Speaking on the rehabilitation and operation of the country’s refineries, Ojulari said prospective partners under NNPC’s technical equity partnership model had conducted a three-month assessment of the facilities.

He disclosed that more than 34 engineers from the prospective partners participated in the onsite review.

The company, he said, was currently concluding the assessment report, which would guide the next steps.

Ojulari said NNPC’s objective was to establish refineries capable of operating sustainably and profitably, adding that a clear pathway for achieving the goal would be announced “very soon.”

Ojulari also reiterated NNPC’s production targets, saying the company aims to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.

For gas, the company is targeting production of 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.

He said NNPC plans to mobilise more than $60 billion in investments across the energy value chain to support the targets.

Over 1,000 professionals recruited

The GCEO further disclosed that more than 1,000 newly recruited professionals joined NNPC in the past year under the company’s Talent to Value programme.

He said the recruits underwent a one-year internship and training programme before being deployed across different parts of the company.

Ojulari also highlighted the company’s progress on gender representation, stating that women currently occupy more than 23 per cent of leadership positions at NNPC, compared with a global industry average of 17 per cent.

“Our people delivered the 2025 results,” he said.