The Nigerian National Petroleum Company Limited (NNPCL) reported a profit after tax of N276 billion for March 2026, reflecting its ongoing growth in gas production and sales alongside stable crude oil output. These figures were part of the company’s latest monthly report summary, released on Monday.
This profit marks a significant increase of approximately 49.3% compared to the after-tax profit of N136 billion recorded in February. The report also indicated that NNPC generated N2.774 trillion in revenue for March, an uptick from N2.68 trillion the previous month.
Between January and March, statutory payments reached N2.888 trillion, emphasizing NNPC’s essential role in contributing to government revenue and the economy at large.
Gas Production Experiences Notable Growth
The report highlighted a surge in natural gas production, which reached 7.731 billion standard cubic feet per day (mmscfd) in March, the highest figure reported in the past year. This marks an increase from 7,458 mmscfd in February and 7,283 mmscfd in January, reflecting a steady recovery in the sector.
Gas sales also rose to 5,059 mmscfd in March, up from 4,893 mmscfd in February and 4,978 mmscfd in January. The improvements are attributed to ongoing production resilience strategies and recovery plans designed to enhance asset reliability and address operational challenges.
Crude Oil Production Maintains Stability
March’s crude oil and condensate production stood at 1.56 million barrels per day (mbopd), a slight increase from 1.51 mbopd in February. Of this total, crude oil contributed 1.32 mbopd and condensate accounted for 0.24 mbopd.
While production figures are still below the federal government’s target of over 2 million barrels per day, the March data indicates relative stability compared to previous months. However, crude oil and condensate sales saw a decline, dropping from 23.08 million barrels in February to 17.27 million barrels—the lowest monthly sales volume during the reported period.
Pipeline Performance Shows Improvement
The latest report revealed strong operational performance across major gas infrastructure projects. Notably, the Obiafu-Obrikom-Oben (OB3) gas pipeline achieved 96% availability, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded a 93% availability rate.
Upstream pipeline availability was reported at 76%. NNPC also announced the completion of the main line of the AKK pipeline, which includes a 24-inch spur to the Gwagwalada Independent Power Plant, while excavation work at the OB3 River Niger crossing is proceeding according to schedule.
Challenges Persist in Fuel Supply
Despite NNPC’s robust financial and operational performance, the report noted that the inventory status of Premium Motor Spirit (PMS), commonly referred to as petrol, across retail stations reached only 56% in March. This statistic indicates that fuel supply and moisture-related challenges continue to exist in certain regions of the country, undermining the company’s efforts to stabilize supply.
NNPC has committed to bolstering production resilience by executing recovery plans aimed at improving asset reliability, addressing evacuation constraints, and implementing targeted recovery initiatives. The company has recently intensified efforts to enhance domestic energy security, expedite gas commercialization, and improve the effectiveness of national strategic infrastructure projects.
