The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of ₦276 billion for March 2026, more than doubling its February performance, driven largely by improved gas output and operational efficiency.
According to its latest monthly report released on Monday, revenue rose to ₦2.77 trillion, representing a 3.51 per cent increase from February, while crude oil and condensate production stood at 1.56 million barrels per day.
Gas production emerged as the key growth driver, rising to 7,731 million standard cubic feet per day, its highest level in the past 12 months. The company said the improvement reflects stronger operational performance across key assets.
“Production improved compared to the previous month, driven by the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule,” the report stated.
Despite the gains, NNPC noted that pipeline disruptions affected output during the period. It cited a leak on the Trans Forcados Pipeline at the Keremor axis, which caused production curtailments between February 20 and March 25.
“NNPC Limited continues to strengthen production resilience by executing restoration plans focused on improving asset reliability,” the report added.
Crude oil production remained steady at 1.56 million barrels per day, slightly higher than January levels, while gas output showed consistent month-on-month growth from 7,281 mmscf/d in January to its March peak.
Crude oil sales, however, declined significantly to 17.37 million barrels in March, compared to 22.85 million barrels in February, reflecting ongoing evacuation and logistics constraints.
Gas sales rose to 5,059 mmscf/d, reinforcing the increasing importance of gas in Nigeria’s energy mix.
Financially, the company recorded a strong rebound, with profit after tax rising by approximately 102.94 per cent month-on-month, underscoring improved efficiency and higher revenue generation.
Cumulative statutory remittances to the Federation between January and March 2026 reached ₦2.89 trillion.
On infrastructure, the report highlighted progress on key gas pipeline projects, including the Ajaokuta–Kaduna–Kano Gas Pipeline, where welding of the spur line to the Gwagwalada Independent Power Plant has been completed.
It also noted ongoing drilling operations at the Obiafu-Obrikom-Oben Gas Pipeline River Niger crossing, aimed at boosting gas supply and power generation capacity.
However, downstream performance remained constrained, with petrol availability at NNPC retail stations at 56 per cent nationwide.
The company cautioned that all figures remain provisional and subject to reconciliation with relevant stakeholders.
The March results highlight a gradual recovery in Nigeria’s oil and gas sector, supported by rising gas production and improved operational execution, even as infrastructure and evacuation challenges continue to weigh on overall output stability.
