The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N276 billion in March 2026, largely driven by a noticeable increase in gas production during the month. This update was shared in the company’s monthly report released on May 4, which also noted that all financial and operational figures are provisional and may be adjusted after final reconciliation with stakeholders.
According to the report, gas production rose significantly to 7,731 million standard cubic feet per day (mmscf/d) in March, compared to 7,458 mmscf/d in February. This steady increase reflects ongoing improvements in the company’s operational capacity and a growing focus on gas as a key revenue source.
The company’s financial performance showed a strong recovery, with total revenue reaching N2.774 trillion for the month. This highlights the large scale of NNPC’s operations and its continued importance in Nigeria’s energy industry. Alongside revenue growth, the company also made substantial contributions to government finances, reporting statutory payments of N2.888 trillion between January and March 2026. This reinforces its role as a major contributor to national income.
In terms of oil production, crude oil and condensate output experienced a slight increase, rising to 1.56 million barrels per day in March from 1.51 million barrels per day in February. This suggests gradual improvement in production efficiency, even though some operational challenges remain.
Gas performance, however, stood out more clearly. Sales of gas climbed to 5,059 mmscf/d in March, up from 4,893 mmscf/d in the previous month. This increase aligns with higher production levels and may indicate stronger demand or improved supply systems.
Despite these gains, crude oil and condensate sales dropped noticeably. The company recorded sales of 17.27 million barrels in March, down from 23.08 million barrels in February. This decline, despite higher production, suggests possible challenges related to export logistics or distribution during the period.
NNPC explained that part of the production improvement came from the early completion of maintenance work on the OML 118 Bonga facility, which was finished 12 days ahead of schedule. However, operations were also affected by disruptions, including a leak on the Trans Forcados Pipeline. This issue caused outages across several production sites between February 20 and March 25, limiting overall output.
NNPC Limited continues to play a central role in Nigeria’s oil and gas sector, managing activities across upstream, midstream, and downstream operations. Its financial contributions remain vital to the country’s economy.
Looking at its broader performance, the company previously reported a profit after tax of N5.4 trillion on revenue of N45.1 trillion for the 2024 financial year. It also remitted N12.117 trillion to the Federal Government between January and October 2025. Additionally, a debt relief approved in December helped reduce its financial obligations significantly, easing pressure on its balance sheet.
