ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian National Petroleum Company Limited recorded a profit after tax of N276bn in March 2026, more than doubling its February earnings, as increased gas production and improved operational efficiency lifted performance despite ongoing pipeline disruptions.
Details from the company’s latest monthly report released on Monday showed that revenue rose to N2.77tn in March, marking a 3.51 per cent increase from February, while crude oil and condensate production reached 1.56 million barrels per day.
Gas production stood out as the key growth driver, rising to 7,731 million standard cubic feet per day, the highest level recorded in the past 12 months.
Highlighting the performance, the report stated, “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.”
An analysis of the figures showed that crude oil output remained unchanged from February at 1.56 million barrels per day but improved from 1.51 million barrels per day recorded in January.
Gas production, however, increased steadily throughout the first quarter, rising from 7,281 mmscf/d in January to 7,458 mmscf/d in February before peaking in March.
The company attributed the rise to improved operational efficiency, especially at offshore facilities.
It stated, “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.”
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However, the report noted that pipeline disruptions significantly affected output during the period.
According to NNPC, “The Trans Forcados Pipeline outage, resulting from a leak at the Keremor axis, negatively impacted production volumes, leading to curtailments across several assets from February 20 to March 25, alongside other operational challenges.”
Despite these challenges, the company said it is implementing targeted recovery measures to stabilise output.
It noted, “NNPC Limited continues to strengthen production resilience by executing restoration plans focused on improving asset reliability, resolving evacuation constraints, and implementing other targeted recovery initiatives.”
Further analysis showed that crude oil sales declined sharply to 17.37 million barrels in March, down from 22.85 million barrels in February and 25.75 million barrels in January, indicating ongoing evacuation and logistics constraints.
On the gas side, sales rose to 5,059 mmscf/d, reinforcing the growing importance of gas in Nigeria’s energy mix.
The report emphasised this trend, stating that gas production for March “reached its highest level in the trailing 12-month period covered by the report.”
Financially, the company recorded strong gains, with profit after tax increasing by about 102.94 per cent month-on-month.
The report said, “The report covers key figures, including revenue of N2.774bn (up by 3.51 per cent from the February 2026 report), profit after tax of N276bn (up by approximately 102.94 per cent from the February 2026 report).”
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Cumulatively, statutory payments to the Federation stood at N2.89tn between January and March 2026.
On infrastructure, NNPC reported progress on key gas pipeline projects aimed at boosting supply and supporting power generation.
It disclosed, “On the Ajaokuta-Kaduna-Kano Gas Pipeline, welding of the 24-inch spur line to the Gwagwalada Independent Power Plant has been completed, while significant progress has been recorded for outstanding mainline pre-commissioning works.”
The company added, “For the Obiafu-Obrikom-Oben Gas Pipeline River Niger Crossing, drilling operations continued as scheduled.”
However, downstream performance remained weak, with petrol availability at NNPC retail outlets estimated at 56 per cent nationwide.
The report cautioned that all figures remain provisional. It stated, “All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.”
The March performance points to a gradual recovery in Nigeria’s oil and gas sector, driven largely by improved asset management and rising gas output.
With gas production at its highest level in a year and profit surging significantly, the report places NNPC on a stronger financial footing, although ongoing infrastructure and supply chain challenges continue to pose risks to sustained growth.