E&P

EBITDA expanded 22% to N18.0 trillion.

NNPC Limited reported strong operational efficiency and enhanced earnings resilience reflecting on its substantial bottom-line growth in audited financial results for the year ended 31 December 2025 

There was, however, a drop in top-line revenue driven by a decline in international crude oil prices and reduced white product sales volumes following the full deregulation of the domestic fuel market in 2024. 

The numbers were highlighted during NNPC's latest Annual General Meeting and second Earnings Call with market analysts. Profit After Tax surged by 33% to reach 7.2 trillion even when top-line revenue dropped 24% to N34.5 trillion.

EBITDA expanded 22% to N18.0 trillion while Earnings Per Share (EPS) rose 32% to N35.9. Operating cash flow increased 16% to N12.8 trillion while Return on Equity (ROE) expanded by 200 basis points, reaching 16%.

Upstream operations for the year hit multi-year highs across both liquid and gas streams. Daily crude oil production averaged 1.77 million barrels per day (mbpd), marking a five-year peak. Total annual production reached 565.8 million barrels (up 5%), with NNPC's direct equity share rising 11% to 223.7 million barrels.

Natural gas output averaged 7.2 billion standard cubic feet per day (bscfd), reaching a three-year high. Annual output rose 9% to 2,606.2 bscfd, with equity production advancing 11% to 1,154.9 bscfd. 

Bashir Bayo Ojulari, group chief executive officer of NNPC Limited, said, "Our 2025 performance shows what disciplined execution and a capable workforce can deliver. We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”

The company aims to increase crude production to 2.0 mbpd by 2027 and 3.0 mbpd by 2030, while expanding natural gas production to 12.0 bscfd by 2030.

Eni has sold a 10% participating interest in the offshore Baleine project to the State Oil Company of the Republic of Azerbaijan (SOCAR)

The transaction reinforces international collaboration in Ivory Coast's energy sector and advances the ongoing development of Africa’s first net-zero Scope 1 and 2 upstream project.

Following the acquisition, the updated ownership structure of the Baleine field include Eni (Operator) with 37.25% shares, Vitol with 30.00% shares, Petroci with 22.75% shares and SOCAR with 10.00%.

Dual exploration model

The divestment aligns directly with Eni’s strategic initiative to streamline its upstream portfolio. Through its proprietary "dual exploration model," Eni leverages early equity dilution to monetise exploration successes rapidly while maintaining operational leadership and driving multi-phase development.

Production milestones and future growth

Baleine was discovered in 2021, ending a two-decade gap in major commercial discoveries within the basin. The giant field achieved first production in record time by 2023.

Phases 1 and 2 currently generate more than 57,000 barrels of oil and more than 78 million cubic feet of natural gas per day.

Once Phase 3 is launched, output is projected to reach 150,000 barrels of oil and 200 million cubic feet of gas daily, cementing the project’s role as the primary catalyst for Ivory Coast's energy security.

Eni’s presence in the country, established in 2015, extends beyond Baleine. The company holds a 90% operating interest in the nearby Calao and Calao South discoveries—the second-largest findings in Ivory Coast after Baleine—confirming the prolific potential of the basin.

As a globally integrated energy firm headquartered in Azerbaijan, SOCAR operates across the entire energy value chain, including upstream exploration, refining, petrochemicals, logistics, and trading. The partnership combines operational strengths to maximise the long-term potential of Ivory Coast's energy resources.

Eni is a global energy company operating across the entire supply chain, committed to achieving net-zero emissions by 2050 through innovative energy solutions and sustainable asset management.

The State Oil Company of the Republic of Azerbaijan (SOCAR) is a major international energy player engaged in exploration, production, processing, and global supply distribution.

Block 1 CBK spans 19,929 sq kms.

Eco Atlantic Oil & Gas Ltd has transferred a 37.5% working interest in Block 1 CBK offshore South Africa to a subsidiary of Navitas Petroleum LP, which will now take over as the block's operator

The farm-down received final clearance following Section 11 regulatory approvals from South Africa's government alongside approval from the TSX Venture Exchange. The deal marks a critical step forward in the strategic framework between Eco and Navitas, building on a comprehensive joint evaluation of the block's existing geological dataset.

Spanning 19,929 sq kms adjacent to the Namibian border, Block 1 CBK holds significant oil and gas potential. Data from three legacy exploration wells on the block confirmed a gas discovery that produced tested flow rates of 32.4 million standard cubic feet per day (MMscfd), along with further gas and oil shows. Prospectivity across the acreage shares geological similarities with the nearby Kudu gas field to the north and sits directly southeast of major light-oil discoveries, including Galp Energia's Mopane, TotalEnergies' Venus, and Rhino Resources' Capricornus.

Gil Holzman, president and chief executive officer of Eco Atlantic, said, “Completion of the Block 1 CBK farm down marks another important milestone in our Strategic Framework with Navitas, extending our partnership into South Africa and demonstrating the value of our growing collaboration across multiple jurisdictions.

“Navitas is a highly experienced global operator and producer with an exceptional track record of developing offshore resources. Their expertise, tied with South Africa’s growing need to bring new domestic gas supplies online to meet in-country demand, provides strong foundations to progress the development of Block 1 CBK’s sizeable resources.

“Since announcing the Farm Down, our technical teams have worked closely together, and we look forward to a smooth operational transition to Navitas and continued collaboration with our partners and in-country stakeholders to advance Block 1 CBK and unlock further value from the licence.“We are grateful to the Government of South Africa, and particularly the Petroleum Agency of South Africa for the smooth and efficient regulatory process, as well as to Navitas, our advisers and all those involved in reaching this milestone.

“More broadly, we continue to make good progress towards completing the other strategic transactions announced earlier this year, including the acquisition of JHI, the farm down of our Namibian licences to BP, and negotiations for a new PSA covering our Orinduik acreage in Guyana. Each is progressing well and remains on track for finalisation as guided during 2026, further strengthening and advancing Eco’s portfolio across the Atlantic Margin.” 

The Ima gas field will be connected to Nigeria LNG.

In line with strategic interests for high-value natural gas developments in West Africa's energy corridor, TotalEnergies has decided upon developing the Ima Gas Field in Nigeria

This will contribute to Nigeria's domestic industrialisation objectives as it accelerates monetisation drive from its vast non-associated gas reserves. TotalEnergies' ambitions in the region is one of many such international interests ever since the country has been offering generous incentives to majors as part of upgraded regulatory reforms. Supportive government policy, strong regional partnerships, and rising global demand for liquefied natural gas (LNG) are fuelling Nigeria’s export capacity.

Final investment decision for Ima gas field

TotalEnergies (40%, operator), along with its partner AMNI (60%), have reached final investment decision (FID) for the development of the Ima gas field, straddling the OML 112 and 117 offshore licenses in Nigeria.

Lying in shallow waters by Bonny Island, the Ima gas field will be connected to Nigeria LNG (15%, TotalEnergies) via a 22 km pipeline. With a single paltform required for the Ima gas field development, the partners are aiming to start-up production in 2028. Once operational, it is expected to generate 350 million cubic feet per day (representing over 60,000 barrels of oil equivalent per day).

Supporting Nigeria LNG Train 7 expansion

One third of the gas required to power the ongoing Nigeria LNG Train 7 expansion project will be supplied by the Ima field once it's on stream. This will raise the liquefaction plant capacity from 22 million tons per annum (Mtpa) to 30 Mtpa.

The Ima field development will follow a sustainable approach ensuring cost effectiveness and emissions reduction. Electrically powered from the shore, the simplicity of the single-platform structure will require no flaring. There will be permanent methane detection and monitoring. 

While the major is developing the project in partnership with the Nigerian company, AMNI, key contracts involved in the project are also local companies. The project is thus contributing to local community development, with around 60% of the workforce expected to be sourced from host communities during the project development.

“We are very pleased to announce the FID for the Ima gas project, marking a new milestone in the deployment of our integrated gas strategy in Nigeria. After the Ubeta project sanctioned in 2024 and expected to start-up next year, Ima demonstrates again our ability to unlock new low-cost and low-emissions gas resources, following the incentives introduced by the Nigerian Government for non-associated gas developments”, said Nicolas Terraz, President Exploration & Production at TotalEnergies. “This new project will contribute significantly to Nigeria LNG gas supply and create lasting value for its partners and for Nigeria.”