NNPC doubles profit to N276bn in March, gas production hits one-year high

The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax of ₦276 billion in March 2026, more than doubling its February figure, according to its latest monthly report.

Revenue for the period rose to ₦2.77 trillion, reflecting a 3.51 per cent increase compared to the previous month. Crude oil and condensate production averaged 1.56 million barrels per day, maintaining the same level as February and slightly above January’s output.

Gas production showed the strongest performance, increasing to 7,731 million standard cubic feet per day—the highest level recorded in the past 12 months. The company linked the growth to improved operational efficiency, including the early completion of maintenance work on key offshore assets such as the OML 118 Bonga field.

The report indicated that the maintenance programme on the field was concluded 12 days ahead of schedule, supporting production stability during the month.

However, operations were affected by infrastructure challenges. The company reported that a leak on the Trans Forcados Pipeline at the Keremor axis led to an outage between February 20 and March 25, constraining output across several assets.

Crude oil sales declined to 17.37 million barrels in March, down from 22.85 million barrels in February and 25.75 million barrels in January, pointing to ongoing evacuation and logistics constraints.

By contrast, gas sales rose to 5,059 million standard cubic feet per day, underscoring the increasing role of gas in the company’s overall production mix.

Month-on-month, profit after tax increased by about 102.94 per cent. The company also reported cumulative statutory payments of ₦2.89 trillion to the Federation between January and March 2026.

On infrastructure, progress was recorded on major gas pipeline projects. The report noted the completion of welding on the 24-inch spur line linking the Ajaokuta-Kaduna-Kano pipeline to the Gwagwalada Independent Power Plant, while pre-commissioning activities continued on the mainline.

Work also progressed on the Obiafu-Obrikom-Oben pipeline, particularly at the River Niger crossing.

In the downstream segment, petrol availability at NNPC retail outlets stood at 56 per cent nationwide, indicating continued supply challenges.

The company noted that all figures remain provisional and subject to reconciliation.