The company is outlining a US$60bn investment pipeline.

Reflecting a year of strong operational delivery, the Nigerian National Petroleum Corporation Limited has reported a profit after tax of US$3.6bn

This growth will be leveraged by the company to outline a US$60bn investment pipeline with oil and gas developments a priority. 

As the results recorded a 64% year-on-year growth, Bashir Bayo Ojulari, Group chief executive officer, said, "The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”

“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he added. 

Alongside investments across upstream operations and gas infrastructure, the company has plans for clean energy development as well. Its key strategies include boosting crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030. In the natural gas front, the company aims increased generation at 10 bn cu/ft per day by 2027 and 12 bn cu/ft per day by 2030, while turning around major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration. The company is mobilising US$60bn in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

The Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu.

As Uganda prepares for oil production early next year, the country has in place an integrated system that goes beyond the oil and gas value chain to also include the citizens of the country at large

The Ugandan administration has made oil and gas the centre of its operations, fostering partnerships on advancing public awareness regarding the sector. It is initiating ways to break down complex and ultra-technical concepts of the hydrocarbons industry for the better understanding of the general public. This also includes simplifying conversations around 'local content' or 'first oil' so that everyone can identify with the industry and be active drivers of it. 

As mega projects such as Tilenga and Kingfisher keep rolling, banks are especially focusing on the oil and gas industry, empowering local firms to pursue large contracts. They are initiating capacity-building partnerships, working capital solutions, asset finance and trade guarantees. 

Uganda's Ministry of Energy and Mineral Development has been the instrumental force behind such advancements. The Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu, spoke to Oil Review Africa on Uganda's ambitions of becoming a significant energy producer in Africa's energy landscape:

How does Uganda plan to leverage the global oil market, given its current volatility? 

Uganda is mainly focusing on long-term contracts, regional market integration, and value addition through refining and petrochemicals. We are building resilience by maintaining fiscal discipline, encouraging local processing, and adopting clean, low-cost production to stay competitive even in volatile markets.

What are the primary driving factors behind Uganda's integrated oil and gas approach, and how is the country's administration managing such a vast concept? 

Integration maximises value across the petroleum value chain -- exploration, production, refining and export, while promoting industrialisation and job creation. Clear institutional roles of the Ministry of Energy and Mineral Development, Petroleum Authority of Uganda and Uganda National Oil Company, and coordinated project oversight will ensure efficiency, transparency, and timely delivery.

As Uganda rapidly adapts to a diverse energy mix, how is oil and gas faring in the equation?

Oil and gas remain central to Uganda’s energy security and industrial growth while supporting the transition to renewables. Gas is being developed for power generation, fertilisers and clean cooking, and revenues from petroleum will fund renewable expansion and grid investment.

Is a significant overhaul of existing policies anticipated with the launch of the revised National Oil and Gas Policy? 

There is no major overhaul, rather an update to reflect new realities. The revised policy strengthens gas utilisation, decarbonisation, local content and transparency, ensuring alignment with Uganda’s energy transition (preferably addition) plan and sustainable development goals.

What is Uganda willing to bring to the table in ADIPEC 2025, and what will be the country's take-aways from the event?

Uganda brings investment-ready projects in the upstream, East African Crude Oil Pipeline and refinery, and a stable policy environment. We seek partnerships, technology transfer, specifically Artificial Intelligence systems, financing and market linkages to accelerate development and advance our energy transition (addition) agenda. 

Capricorn has fulfilled all exploration commitments on its legacy acreage.

Capricorn has received US$50m from the Egyptian General Petroleum Corporation (EGPC)

Since 30 June 2025, the company has received a total of US$102m, and its accounts receivable is approximately US$115m (H1’25 - US$182m) (excluding expected credit loss adjustments).

The company expects to receive further material payments against arrears before year end.

Capricorn continues to invest in its Egyptian asset base and has fulfilled all exploration commitments on its legacy acreage. At South East Horus, Capricorn, with its joint venture partner Cheiron (the Joint Venture), has elected to continue into Phase 2 following test results. The Joint Venture will also be pursuing an application for a new development lease on the North Um Baraka (NUMB) concession due to encouraging test results from an exploration well drilled earlier this year. Additionally, the NUMB concession will be included in the modernised concession agreement allowing for continued exploration. On the West El Fayoum concession, commitments have been fulfilled, and the results are such that the Joint Venture will relinquish the block.

Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the current session of Parliament. The modernised concession agreement will have an operational start date of 01 July 2025.

Capricorn remains on track to deliver above the mid-point of FY25 production guidance of 17,000-21,000 boepd with year-to-date production averaging 19,924 boepd to mid-October, of which 41% are liquids.

The MoU binds the two organisations to extend cooperation in hydrocarbons exploration.

Mozambique will see heightened bilateral cooperation in oil and gas driven by equality, reciprocity and mutual benefits, as the state-owned entity, Empresa Nacional de Hidrocarbonetos, E.P. (ENH), signed a memorandum of understanding (MoU) with SONATRACH

The MoU was signed by the chairman and CEO of SONATRACH, Rachid Hachichi and Ludovina Bernardo, chairwoman of the Board of Directors of ENH, during a ceremony organised at the Ministry of Mines and Energy of the Republic of Mozambique, in the presence of Mourad Adjal, Minister of Energy and Renewable Energies.

The MoU binds the two organisations to extend cooperation within the framework of hydrocarbons exploration and production projects that will also include transportation and downstream activities, while covering the whole value chain.

The partners are also considering a feasibility study on establishing a national gas distribution network for domestic consumption. SONATRACH is willing to provide training courses at ENH through knowledge-sharing in oil geology, engineering and operations.