NNPC Reports ₦276bn Profit After Tax in March

The Nigerian National Petroleum Company Limited (NNPC) reported a ₦276bn profit after tax in March 2026, more than doubling February’s earnings, despite persistent pipeline disruptions.

According to its latest monthly report, revenue climbed to ₦2.77tn, up 3.51% from February, while crude oil and condensate production held steady at 1.56 million barrels per day.

Gas production was the standout driver, rising to 7,731 million standard cubic feet per day, the highest in 12 months. NNPC credited operational efficiency, including the early completion of OML 118 Bonga Turnaround Maintenance, finished 12 days ahead of schedule.

Still, pipeline outages weighed on output. The company noted: “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.”

Crude oil sales fell sharply to 17.37 million barrels in March, down from 22.85 million in February, reflecting ongoing evacuation and logistics challenges.

On the gas side, sales rose to 5,059 mmscf/d, reinforcing the growing role of gas in Nigeria’s energy mix. Statutory payments to the Federation reached ₦2.89tn between January and March 2026.

NNPC also highlighted progress on infrastructure projects, including welding of the spur line to the Gwagwalada Independent Power Plant under the Ajaokuta–Kaduna–Kano Gas Pipeline, and drilling operations at the Obiafu–Obrikom–Oben Gas Pipeline River Niger Crossing.

Despite lingering supply chain risks, the March report underscores a gradual recovery in Nigeria’s oil and gas sector, with gas output driving growth and positioning NNPC on a stronger financial footing.