NNPC records N276bn March profit as oil output hits 1.56m

The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of N276bn in March 2026, more than doubling its February earnings. The company in its monthly report said it generated N2.7trn during the month as oil production increased to 1.56 million barrels production per day. Gas production emerged as the strongest driver […]

The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of N276bn in March 2026, more than doubling its February earnings.
The company in its monthly report said it generated N2.7trn during the month as oil production increased to 1.56 million barrels production per day.
Gas production emerged as the strongest driver of growth, rising to 7,731 million standard cubic feet per day, the highest level recorded in the past 12 months.
Highlighting the performance, the report stated, “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.”
An analysis of the figures showed that crude oil output remained flat compared to February at 1.56 million barrels per day but improved from 1.51 million barrels per day recorded in January.
Gas production, on the other hand, has risen steadily over the first quarter, increasing from 7,281 mmscf/d in January to 7,458 mmscf/d in February before peaking in March.
The company attributed the improved production levels to operational efficiency, particularly at offshore assets.
It stated, “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.”
However, the report acknowledged that pipeline disruptions significantly impacted output during the period.
NNPC stated, “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, alongside other operational challenges.”
Despite these setbacks, the company maintained that it is implementing targeted recovery strategies to stabilise output.
It noted, “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.”