NNPC Oil Security Claims Surge to N11.2tn Amid Improved Production

The Nigerian National Petroleum Company Limited (NNPC) has reported an increase in oil security claims to N11.2tn, up from N7.13tn in 2024. This represents a 57% rise and highlights the substantial financial burden associated with protecting oil and gas infrastructure against theft, vandalism, and disruptions.

The NNPC attributed its improved operational performance partly to progress on strategic infrastructure projects, including the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano gas pipeline. The company also reported a 33% increase in profit after tax, earning N7.2tn, while earnings before interest, taxes, depreciation and amortisation increased by 22% to N18tn.

The NNPC's GCEO, Bayo Ojulari, said the company was recording improvements in the fight against crude oil theft, particularly on major crude evacuation pipelines. He attributed this to a combination of community-based surveillance, government intervention and security agencies.