Nigeria’s state-owned energy giant, the Nigerian National Petroleum Company Limited (NNPC), reported a notable surge in gas production and exports in October, even as crude and condensate output continued to slide for the third consecutive month.
The company’s average gas production climbed to 6,997 million standard cubic feet per day (mmcf/d) in October, up 713 mmcf/d from September’s 6,284 mmcf/d.
Despite this rebound, October’s figure was still 9.56% lower than August’s 6,949 mmcf/d, underscoring the volatility in output.
Gas exports recorded a sharp increase, rising 26.94% to 4,713 mmcf/d, compared to 3,443 mmcf/d in September.
What its oil output looked like
Crude and condensate production dropped to 1.58 million barrels per day (b/d) in October, down from 1.61m b/d in September and 1.64m b/d in August.
This marks a steady decline from the 2025 peak of 1.77m b/d, reflecting ongoing challenges in Nigeria’s upstream sector.
However, exports provided some relief: crude shipments surged to 27.71 million barrels, up from 17.81 million barrels in September, while condensate exports jumped 48.18% to 1 million barrels.
How did NNPC perform financially?
Strong export volumes translated into robust earnings, with NNPC reporting ₦5.078tn in revenue and a net profit of ₦447bn for October.
These figures highlight the company’s ability to leverage gas and export markets to offset weaker crude production.
NNPC currently produces about 7.5 billion cubic feet of gas per day (bcf/d) but has set ambitious targets of reaching 10 bcf/d by 2027 and 12 bcf/d by 2030.
According to the report, key infrastructure projects are nearing completion:
- Obiafu‑Obrikom‑Oben (OB3) pipeline – 96% complete
- Ajaokuta‑Kaduna‑Kano (AKK) pipeline – 89% complete
- Escravos‑Lagos Pipeline System (ELPS) – undergoing expansion
In its newly released 2024 financial and operational report, NNPC posted strong results. Net profit rose to ₦5.4tn, representing a 64% increase year-on-year compared to 2023. Revenue also surged, climbing to ₦45.1tn, up 88% from the previous year.
The 2024 performance marks the third consecutive year of rising annual profits, underscoring the company’s sustained financial momentum.