The Nigerian National Petroleum Company Limited, NNPC Ltd, has reported a strong performance for March 2026, recording significant increases in crude oil and gas production alongside a sharp rise in profitability.
The March performance, which signals a positive trajectory for NNPC in 2026, was contained in its latest Monthly Report Summary.
The Company said crude oil and condensate output rose to 1.56 million barrels per day, mmbopd, during the month, representing a 3.31 per cent increase compared to February.
Gas production also grew by 3.66 per cent to 7,731 million standard cubic feet per day, mmscf/d, marking the highest level recorded within the 12-month period under review.
According to the Company, the improved production figures show ongoing efforts to stabilise Nigeria’s oil and gas sector, with the company highlighting key operational milestones achieved within the period.
It noted that the Oil Mining Lease, OML, 118 Bonga Turnaround Maintenance was completed 12 days ahead of schedule, demonstrating enhanced operational efficiency and reduced downtime at one of the country’s major offshore assets.
In the gas infrastructure segment, NNPC Ltd reported progress on critical pipeline projects aimed at boosting domestic gas supply and power generation.
The company confirmed the successful welding of a 24-inch spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano, AKK, Gas Pipeline.
Meanwhile, drilling operations at the River Niger Crossing section of the Obiafu-Obrikom-Oben, OB3, Gas Pipeline are continuing as planned, reinforcing efforts to strengthen the national gas grid.
On its financial performance, the company recorded revenue of N2.774 trillion for March, reflecting a 3.51 per cent increase from February’s figures.
More striking was the profit after tax, which surged by approximately 102.94 per cent to N276 billion, indicating improved cost management and stronger earnings performance.
The company also disclosed a cumulative statutory payments of N2.888 trillion for the first quarter of 2026, covering January to March, underscoring its contribution to government revenues and fiscal stability.
The report also highlighted ongoing strategic initiatives focused on increasing production efficiency, expanding gas utilisation, and supporting Nigeria’s broader energy security objectives.
