The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a strong financial turnaround, posting a profit after tax of N276 billion in March 2026, more than double its February figure driven by higher gas output and better operational performance despite ongoing pipeline issues.
According to the company’s latest monthly performance report released on Monday, revenue rose to N2.77 trillion, up 3.51% from the previous month.
Crude oil and condensate production stood at 1.56 million barrels per day (mbpd), while gas production surged to 7,731 million standard cubic feet per day (mmscf/d) the highest level in the past 12 months.
Gas production has shown consistent growth throughout the first quarter, climbing from 7,281 mmscf/d in January to 7,458 mmscf/d in February before hitting the March peak.
The company credited the improvement to enhanced operational efficiency, including the early completion of turnaround maintenance at the OML 118 Bonga asset, which was delivered 12 days ahead of schedule.
However, challenges persisted. Pipeline disruptions, particularly the outage on the Trans Forcados Pipeline due to a leak, led to production curtailments across several assets between late February and late March.
Crude oil sales also declined sharply to 17.37 million barrels in March from 22.85 million in February.
On the positive side, gas sales increased to 5,059 mmscf/d, underscoring gas’s growing importance in Nigeria’s energy sector.
NNPC said it is pursuing targeted recovery strategies to boost asset reliability and address evacuation constraints.
Cumulatively, statutory payments to the Federation from January to March 2026 reached N2.89 trillion.
The company also reported progress on key gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben Gas Pipeline.
Downstream performance remained mixed, with petrol availability at NNPC retail stations averaging 56% nationwide. All figures in the report are provisional and subject to reconciliation with stakeholders.
The March results signal a gradual recovery in Nigeria’s oil and gas sector, with rising gas production and improved profitability providing a brighter outlook for NNPC, even as infrastructure bottlenecks continue to pose risks.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com