January 05, 2026 [Oil Price]- Nigeria’s state-owned oil and gas company NNPC this week reported crude oil and condensate production of 1.6 million barrels per day (bpd) for November 2025, up by 1.3% from October levels.

Natural gas output fell slightly to 6.97 million standard cubic feet per day (mscfd) in November, compared with 6.99 mscfd for the previous month.

NNPC’s profit after tax and revenues rose in November from October.

Going forward, the company plans to “Intensify collaboration with our partners through year-end and into 2026 to ensure improved production performance, maximise infrastructure uptime, and maintain high facility maintenance standards across all our assets.”

NNPC is set to increase oil production to 2 million bpd over the next two years, its executive vice president for upstream, Udy Ntia, said in November 2025. By 2030, NNPC will be pumping 3 million barrels daily, according to the official.

Nigeria has been pumping more crude and drilling more new wells than it has in years, thanks to reforms under President Bola Tinubu that are finally leading to more cash flowing into the upstream industry. Daily output has climbed to between 1.7 million and 1.83 million barrels, while active rigs surged from 31 in January to 50 by July.  

The revival of Nigeria’s oil industry is seen as a result of President Tinubu’s “Project One Million Barrels” and the long-awaited new law for the energy industry that should make the country’s investment environment more predictable to bring international oil majors back. Earlier this month, oil minister Heineken Lokpobiri said recent investment decisions by oil operators could result in a production boost of 200,000 barrels daily.

In the natural gas sector, NNPC and local producer Heirs Energies last month signed a deal to capture and use the gas flared at their onshore OML 17 joint venture near Port Harcourt in a bid to monetize the resource and reduce flaring.