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.

Crude oil dominates NNPC revenue

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.

  • The decline amounted to about N3.82 trillion, although crude oil remained NNPC’s largest source of revenue, while natural gas emerged as the strongest-growing major revenue stream during the year.
  • Petroleum products recorded the steepest decline among the Group’s major revenue streams, falling by 77.6% to N2.17 trillion from N9.68 trillion in 2024, a reduction of about N7.51 trillion.
  • Revenue from services declined by 19.2% to N792.33 billion from N980.46 billion, covering activities including seismic contracts, gas transmission tariffs, medical services, shipping, marine and engineering services.
  • Natural gas revenue increased by 18.3% to N6.15 trillion from N5.20 trillion, an increase of about N953 billion that made gas NNPC’s second-largest revenue source after crude oil.
  • Power revenue increased by 25.4% to N11.81 billion from N9.42 billion, although it remained a relatively small component of total Group revenue.

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.

Sundry income surges 181%

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 increase was largely driven by sundry income, which jumped by 181% to N7.10 trillion from N2.53 trillion in 2024 and accounted for about 84% of the Group’s total other income.
  • NNPC said sundry income comprises earnings from activities outside the Group’s principal operations, including income from Trans-Forcados pipelines, crude processing fees and miscellaneous income from joint venture operators.

The category also included a write-back of provisions relating to the Amenam-Kpono stock overlift claim.

  • Variation in crude stock contributed N678.67 billion to other income, up from N276.16 billion in 2024, while management fees increased to N468.64 billion from N242.41 billion.

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 sets 2030 production targets

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 company is also targeting natural gas production of 12 billion standard cubic feet per day by 2030 alongside a wider investment programme covering Nigeria’s oil and gas value chain.
  • NNPC plans to mobilise about $60 billion in upstream, midstream and downstream investments by 2030.
  • Its plans include completing major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano gas pipeline, the Escravos-Lagos Pipeline System and the Obiafu-Obrikom-Oben pipeline.
  • Nairametrics earlier reported that NNPC recorded a Profit After Tax of N5.4 trillion from N45.1 trillion in revenue in 2024.

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.