NNPC Posts N276bn Profit in March, Driven by Surge in Gas Output
The Nigerian National Petroleum Company Limited recorded a profit after tax of N276 billion in March 2026, more than doubling its February earnings, as rising gas production and improved operational efficiency boosted overall performance.
According to the company’s latest monthly report released on Monday, revenue rose to N2.77 trillion, representing a 3.51 per cent increase from the previous month, while crude oil and condensate production stood at 1.56 million barrels per day.
Gas production emerged as the key driver of growth, climbing to 7,731 million standard cubic feet per day — the highest level recorded in the past 12 months. The report noted consistent growth in gas output over the first quarter, rising from 7,281 mmscf/d in January to 7,458 mmscf/d in February before peaking in March.
“This edition records month-on-month growth across key production metrics, with crude oil and condensate output rising to 1.56 mmbopd and gas production climbing to 7,731 mmscf/d,” the report stated.
The improved performance was attributed largely to operational efficiency, particularly at offshore assets. The company highlighted the early completion of maintenance work at the OML 118 Bonga field, which was delivered 12 days ahead of schedule.
Despite the gains, the report acknowledged that pipeline disruptions impacted production during the period. The Trans Forcados Pipeline outage, caused by a leak at the Keremor axis, led to production curtailments across several assets between February 20 and March 25.
NNPC said it is implementing recovery strategies to stabilise output, including improving asset reliability and addressing evacuation constraints.
Crude oil sales declined significantly to 17.37 million barrels in March, compared to 22.85 million barrels in February and 25.75 million barrels in January, highlighting ongoing logistics and evacuation challenges. In contrast, gas sales increased to 5,059 mmscf/d, reinforcing the growing importance of gas in Nigeria’s energy mix.
Financially, the company recorded a sharp increase in profitability, with profit after tax rising by approximately 102.94 per cent month-on-month.
Cumulative statutory payments to the federation reached N2.89 trillion between January and March 2026, underscoring the company’s contribution to government revenue.
On infrastructure, NNPC reported progress on major gas projects, including the Ajaokuta-Kaduna-Kano Gas Pipeline, where welding of a 24-inch spur line to the Gwagwalada Independent Power Plant has been completed. Work is also ongoing on the Obiafu-Obrikom-Oben pipeline River Niger crossing.
However, downstream performance remained weak, with petrol availability at NNPC retail stations recorded at 56 per cent nationwide.
The company cautioned that all figures remain provisional and subject to reconciliation with relevant stakeholders.
The March performance reflects a gradual recovery in Nigeria’s oil and gas sector, driven by stronger asset management and increased gas output. While the results place NNPC on a stronger financial footing, infrastructure constraints and supply chain challenges continue to pose risks to sustained growth.
NNPC Posts N276bn Profit in March, Driven by Surge in Gas Output