Crude oil generated about 74% of the Nigerian National Petroleum Company Limited’s (NNPC Ltd.) N34.52 trillion revenue in 2025, reinforcing its position as the state-owned energy company’s largest source of operating revenue despite a decline in crude sales during the year.
NNPC disclosed the figures in its 2025 Annual Financial Report, which was authorised and audited in September 2026 and provides details of the Group’s financial and operational performance for the year ended December 31, 2025.
The Group generated N25.39 trillion from crude oil sales, equivalent to about 73.6% of total revenue, although overall revenue declined by 23.4% from N45.08 trillion recorded in 2024. Despite the revenue decline, NNPC recorded a Profit After Tax of N7.18 trillion in 2025, up from N5.41 trillion in the previous year.
Revenue from crude oil declined by about 13.1% year-on-year, falling from N29.21 trillion in 2024 to N25.39 trillion in 2025.
Operationally, NNPC recorded crude oil and condensate production of 565.8 million barrels in 2025, averaging about 1.77 million barrels per day, which the company described as its highest average daily crude production in five years, while natural gas production stood at 2,606.2 billion cubic feet.
Beyond revenue from crude oil, petroleum products, natural gas, power and services, NNPC recorded N8.42 trillion in other income in 2025, more than double the N3.39 trillion recorded in the previous year.
The category also included a write-back of provisions relating to the Amenam-Kpono stock overlift claim.
The sharp rise in other income provided substantial support to NNPC’s financial performance, helping the company increase Profit After Tax to N7.18 trillion despite the 23.4% decline in Group revenue.
NNPC Limited is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030 as it seeks to expand production across its upstream operations.
The figures show that crude oil remained the dominant source of NNPC’s operating revenue in 2025 even as gas expanded its contribution and the company pursued higher oil and gas production targets through 2030.
