NNPC posts N276 billion profit in March

The Nigerian National Petroleum Company Limited (NNPCL) posted a profit after tax of N276 billion in March 2026, as the national oil firm sustained growth in gas production and sales while maintaining steady crude oil output.

These disclosures were contained in the company’s latest March 2026 Monthly Report Summary published on Monday.

The amount is about 49.3 per cent higher than the N136 billion profit after tax posted in February.

The report also showed that NNPC generated N2.774 trillion in revenue during the month under review, compared with N2.68 trillion in February.

The report indicated that statutory payments made between January and March stood at N2.888 trillion, underscoring the company’s significant contribution to government revenue.

A review of the graphical presentation of the posted production data shows that the country’s Natural gas production rose to 7,731 million standard cubic feet per day (mmscfd) in March, the highest figure recorded over the 12 months covered in the report.

This represents an increase from 7,458 mmscfd recorded in February and 7,283 mmscfd in January, signalling a steady recovery in the country’s gas output.

Gas sales also climbed to 5,059 mmscfd in March, up from 4,893 mmscfd in February and 4,978 mmscfd in January.

The report attributed part of the improvement to sustained production resilience and restoration plans aimed at improving asset reliability and resolving operational constraints.

Crude oil and condensate production stood at 1.56 million barrels per day (mbopd) in March, slightly higher than the 1.51 mbopd recorded in February.

Of the total output, crude oil accounted for 1.32 mbopd, while condensate contributed 0.24 mbopd.

Although production remains below the federal government’s long-standing target of over 2 million barrels per day, the March figure reflects relative stability compared to recent months.

Crude oil and condensate sales, however, dropped to 17.27 million barrels in March from 23.08 million barrels in February, marking the lowest monthly sales volume within the review period.

The report showed strong operational performance across major gas infrastructure projects.

The Obiafu-Obrikom-Oben (OB3) gas pipeline recorded 96 per cent availability, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline posted 93 per cent availability.

Upstream pipeline availability stood at 76 per cent.

NNPC disclosed that drilling operations at the OB3 River Niger crossing continued as scheduled, while the AKK pipeline’s mainline—comprising the 24-inch spur line to the Gwagwalada Independent Power Plant—had been completed.

The company said significant progress was also made on outstanding pre-commissioning works.

Despite the positive financial and operational performance, the report showed that Premium Motor Spirit (PMS), popularly known as petrol, availability across NNPC Retail stations stood at 56 per cent in March.

This suggests that fuel supply and wetness challenges remain in parts of the country, despite ongoing interventions by the company.

NNPC said it would continue to strengthen production resilience by executing restoration plans focused on improving asset reliability, resolving evacuation constraints, and implementing targeted recovery initiatives.

The company has, in recent months, intensified efforts to improve domestic energy security, boost gas commercialisation, and strengthen the performance of strategic national infrastructure projects.