The Nigerian National Petroleum Company Limited reported a profit after tax of ₦276 billion for March 2026, representing a sharp increase from its February performance, according to its latest monthly operational report.
Revenue for the month rose to ₦2.77 trillion, up 3.51 per cent from February. Average daily crude oil and condensate production stood at 1.56 million barrels, unchanged month-on-month but slightly higher than the 1.51 million barrels recorded in January.
Gas production recorded the most significant increase, climbing to 7,731 million standard cubic feet per day—the highest level in the past year. The company attributed the improvement to operational efficiencies, including the early completion of turnaround maintenance at the OML 118 Bonga field.
The report noted that the maintenance exercise was completed 12 days ahead of schedule, contributing to stable output during the period.
However, production was partly constrained by infrastructure issues. The company cited an outage on the Trans Forcados Pipeline due to a leak at the Keremor axis, which affected operations between February 20 and March 25 and led to reduced output across several assets.
Crude oil sales declined to 17.37 million barrels in March, compared to 22.85 million barrels in February and 25.75 million barrels in January, reflecting continued challenges with evacuation and logistics.
In contrast, gas sales increased to 5,059 million standard cubic feet per day, indicating a stronger contribution from gas operations.
Overall, profit after tax rose by about 102.94 per cent compared to the previous month. The company also reported statutory remittances totalling ₦2.89 trillion to the Federation for the first quarter of 2026.
On infrastructure development, the report highlighted progress on key gas pipeline projects. Welding work on the 24-inch spur line of the Ajaokuta-Kaduna-Kano pipeline to the Gwagwalada Independent Power Plant has been completed, while pre-commissioning activities continue on the mainline.
Drilling operations also continued on the Obiafu-Obrikom-Oben gas pipeline project, particularly at the River Niger crossing.
Downstream performance remained subdued, with petrol availability at NNPC retail stations estimated at 56 per cent nationwide.
The company stated that all figures are provisional and subject to reconciliation with relevant stakeholders.
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