Despite ongoing pipeline interruptions, the Nigerian National Petroleum Company Limited generated a profit after tax of N276 billion in March 2026, more than doubling its February earnings due to increased gas output and greater operational efficiency.
According to information from the company’s most recent monthly report, which was released on Monday, revenue increased to N2.77 trillion in March, up 3.51 percent from February, while production of crude oil and condensate increased to 1.56 million barrels per day.
The largest growth driver was gas output, which increased to 7,731 million standard cubic feet per day—the highest level in the previous 12 months.
Emphasizing the performance,
“This edition records month-on-month growth across key production metrics, with crude oil and condensate output rising to 1.56 mmbopd and gas production climbing to 7,731 mmscf/d,” the report said, highlighting the performance.
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According to a study of the data, crude oil output increased from 1.51 million barrels per day in January but was unchanged from February at 1.56 million barrels per day.
In contrast, gas output increased gradually over the first quarter, reaching a peak in March after rising from 7,281 mmscf/d in January to 7,458 mmscf/d in February.
The corporation credited operational efficiency, especially at offshore sites, for the increased production levels.”Production improved compared to the previous month, driven by the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule,” the statement read.
The report did concede, though, that pipeline interruptions had a major effect on output at that time.
“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, along with other operational challenges,” NNPC said.
The business insisted that it is putting focused recovery initiatives into place to stabilize output in spite of these setbacks.
“NNPC Limited continues to strengthen production resilience by executing restoration plans focused on improving asset reliability, resolving evacuation constraints, and implementing other targeted recovery initiatives,” the statement stated.
Crude oil sales fell precipitously to 17.37 million barrels in March from 22.85 million barrels in February and 25.75 million barrels in January, according to additional analysis, indicating that logistics and evacuation issues still exist.Sales of gas rose to 5,059 mmscf/d, demonstrating the increasing significance of gas in Nigeria’s energy mix.
Gas output for March “reached its highest level in the trailing 12-month period covered by the report,” according to the report, which highlighted the importance of this accomplishment.
The company’s earnings after tax increased by almost 102.94% month over month, indicating significant financial improvements.
“The report covers key figures, including revenue of N2.774 billion (up by 3.51 percent from the February 2026 report) and profit after tax of N276 billion (up by approximately 102.94 percent from the February 2026 report),” the report stated.
Between January and March of 2026, the Federation received a total of N2.89 trillion in statutory payments.
In terms of infrastructure, NNPC emphasized developments on important gas pipeline projects meant to increase supplies and assist in the production of electricity.
“Welding of the 24-inch spur line to the Gwagwalada Independent Power Plant has been completed on the Ajaokuta-Kaduna-Kano Gas Pipeline, while significant progress has been recorded for outstanding mainline pre-commissioning works,” it revealed.
“Drilling operations continued as scheduled for the Obiafu-Obrikom-Oben Gas Pipeline River Niger Crossing,” the corporation continued.
Petrol availability at NNPC retail stations was reported to be 56% overall, although downstream indicators remained poor.
All data, however, are still susceptible to reconciliation, the report warned.
“All production, sales, and financial figures are provisional and subject to reconciliation with relevant stakeholders,” the statement read.
Nigeria’s oil and gas industry is gradually recovering, as evidenced by the March performance, which is mostly due to increased gas production and better asset management.
The March report puts NNPC on a stronger financial footing with gas production now at its highest level in a year and profit skyrocketing, but persistent supply chain and infrastructure issues still pose threats to long-term growth.
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