The Nigerian National Petroleum Company Limited recorded a profit after tax of N276 billion in March 2026, reflecting a recovery from February when earnings declined by about 64 per cent, as increased gas output supported performance despite persistent crude oil evacuation challenges.
Revenue rose to N2.77 trillion during the period, representing a 3.51 per cent increase from February, while crude oil and condensate production was maintained at 1.56 million barrels per day. Gas production, however, recorded stronger growth, rising to 7,731 million standard cubic feet per day, the highest level in the past 12 months, with sales volumes also increasing to 5,059 mmscfd.
Crude oil sales volumes declined in March, falling to 17.37 million barrels from 22.85 million barrels in February and 25.75 million barrels in January, reflecting ongoing constraints in evacuation and infrastructure. The company attributed part of the disruption to the Trans Forcados Pipeline outage caused by a leak at the Keremor axis, which led to production curtailments across several assets between February 20 and March 25.
Statutory remittances to the Federation stood at N2.89 trillion between January and March 2026, according to the company’s monthly report, underscoring its contribution to government revenue.
NNPCL also reported progress on key gas infrastructure projects, including the completion of welding works on the 24-inch spur line linking the Ajaokuta-Kaduna-Kano pipeline to the Gwagwalada Independent Power Plant, while pre-commissioning activities on the mainline are ongoing. Drilling operations on the Obiafu-Obrikom-Oben pipeline River Niger crossing are also in progress, the company said, adding that petrol availability at its retail outlets stood at 56 per cent nationwide in March.
The company noted that all figures remain provisional and subject to reconciliation with relevant stakeholders.