NNPC posts N748 billion net profit in April

Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N748 billion for April, its latest monthly report shows.

The company, in its report summary released on Thursday, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.

Within the month, Profit After Tax (PAT) hit N748 billion, while petrol availability in its retail stations nationwide was 54 per cent, according to the report.

The NNPC said the Obiafu-Obrikom-Oben Gas Pipeline project has reached 95 per cent completion, and the Ajaokuta–Kaduna–Kano Natural Gas Pipeline (AKKP) has reached 70 per cent completion.

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The report noted that Nigeria’s crude oil and condensate production stands at 1.6 million barrels per day (bdp) for April, and natural gas production stands at 7,473 mmscf/d. It added that the Upstream Pipeline availability stood at 97 per cent.

The company said there is ongoing collaboration with venture partners to accelerate sustainable production enhancement and has completed the implementation of relevant presidential directives and executive orders for its upstream operations.

The company said it has made technical interventions on the AKK and OB3 to resolve challenges of River Niger crossings and completed Turn Around Maintenance (TAM) in April for OML 18, OML 118 and OML 133.

Regarding refineries, NNPC said the Port Harcourt Refinery, Warri Refinery and Kaduna Refinery are currently under review.

The report noted that crude oil and gas figures are provisional and reflect only NNPC Ltd’s data, stating that it excludes volumes of independent operators reported by Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

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“All financial figures are provisional and unaudited. All operational and financial data are for April 2025 unless indicated otherwise,” the report said.

NNPC listed upcoming final investment decisions (FIDs) in 2025 to include Ntokon Development (OML 102), Crude Oil Prod. Expansion Project (OML 29), Gas Development Projects (OML30, 42) and Brass Fertiliser (Financial Close).