The Nigerian National Petroleum Company Limited recorded a profit after tax of N276bn in March 2026, more than double its February earnings, driven by stronger gas production and improved operational performance despite ongoing pipeline challenges.
According to the company’s latest monthly report, revenue increased to N2.77tn in March, while crude oil and condensate production stood at 1.56 million barrels per day.
Gas production emerged as the major contributor to growth, reaching 7,731 million standard cubic feet per day, the highest level recorded by the company within the past year.
The report noted that production gains were supported by improved efficiency at offshore facilities, particularly the early completion of maintenance work at the OML 118 Bonga asset, which was reportedly delivered ahead of schedule.
Despite the improved figures, the company admitted that disruptions linked to the Trans Forcados Pipeline affected output during the period due to a leak along the Keremor axis, forcing production cuts across several assets between February and March.
NNPC stated that recovery measures are ongoing to improve asset reliability, ease evacuation challenges and strengthen overall production stability.
While production figures improved, crude oil sales declined significantly in March, falling to 17.37 million barrels compared to higher volumes recorded in January and February, highlighting continued logistics and evacuation difficulties.
On the gas side, sales rose to 5,059 million standard cubic feet per day, reflecting the increasing importance of gas in Nigeria’s energy sector.
Financially, the company posted a major jump in profitability, with profit after tax rising by more than 100 per cent month-on-month.
NNPC also reported progress on strategic gas infrastructure projects, including work on the Ajaokuta-Kaduna-Kano Gas Pipeline and the Obiafu-Obrikom-Oben Gas Pipeline project.
However, downstream performance remained under pressure, as petrol availability across NNPC retail stations was estimated at 56 per cent nationwide.
The company added that all production, sales and financial figures remain provisional pending reconciliation with relevant stakeholders.
