NNPC March 2026 profit surge hits ₦276bn as gas and crude production rise sharply, driven by improved output and operational gains

The Nigerian National Petroleum Company Limited has reported a sharp increase in profitability for March 2026, posting a post-tax profit of ₦276 billion amid stronger crude oil and gas production performance.

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The profit marks a significant jump from the ₦136 billion recorded in February, reflecting a 102.9 per cent increase driven by improved operational output across key assets.

According to the company’s latest monthly report, revenue for March stood at ₦2.774 trillion, while crude oil and condensate production rose to 1.56 million barrels per day.

Gas production also climbed to 7,731 million standard cubic feet per day, its highest level in the trailing 12-month period.

The company attributed the performance largely to increased gas output, with sales rising to 5,059 million standard cubic feet per day compared to the previous month.

It noted that the early completion of maintenance work on the OML 118 Bonga field played a crucial role in boosting production efficiency.

NNPC stated that the turnaround maintenance was completed 12 days ahead of schedule, helping to stabilise operations and improve output performance across affected facilities.

However, the report also highlighted operational disruptions, including a leak on the Trans Forcados Pipeline, which temporarily affected production between late February and March.

The company said the incident led to curtailments across several assets during the period.

Despite these setbacks, NNPC said it remained focused on strengthening production resilience through improved infrastructure reliability and targeted recovery initiatives aimed at reducing evacuation constraints.

Between January and March 2026, the company also recorded statutory payments of ₦2.89 trillion, underscoring its fiscal contribution during the period.

NNPC further disclosed progress on major gas infrastructure projects, including near-completion milestones on the Obiafu-Obrikom-Oben and Ajaokuta-Kaduna-Kano pipelines, both critical to expanding domestic gas supply.

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While describing the figures as provisional, the company noted that reconciliation processes with stakeholders were still ongoing.