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🇳🇬 Nigeria /Economy & Trade

NNPC posts N276bn profit as gas output hits one-year high

From The Punch · (35m ago) English Positive tone

Summarized and contextualized by DistantNews.

TLDR

  • The Nigerian National Petroleum Company Limited (NNPC) reported a profit after tax of N276 billion in March 2026, more than double its February earnings.
  • Rising gas production, particularly from offshore assets, and improved operational efficiency were key drivers of the profit increase, despite pipeline disruptions.
  • Crude oil and condensate production remained steady, but sales dropped due to evacuation and logistics challenges, while gas sales saw an increase.

The Nigerian National Petroleum Company Limited (NNPC) has demonstrated a significant financial turnaround, posting a N276 billion profit in March 2026. This impressive performance, more than double the previous month's earnings, is largely attributed to a surge in gas production and enhanced operational efficiency. The company's latest monthly report highlights a robust increase in revenue to N2.77 trillion, with gas output reaching a 12-month high of 7,731 million standard cubic feet per day. This surge in gas production underscores its growing importance in Nigeria's energy landscape.

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.

— NNPC Monthly ReportHighlighting the company's improved performance in March.

Despite challenges such as persistent pipeline disruptions, including the Trans Forcados Pipeline outage, NNPC Limited has implemented targeted recovery strategies to stabilize output and strengthen production resilience. The early completion of the OML 118 Bonga Turnaround Maintenance, delivered ahead of schedule, is a testament to the improved operational efficiency, particularly at offshore assets. While crude oil sales saw a dip due to evacuation and logistics issues, the substantial rise in gas sales indicates a positive shift in the company's energy mix.

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.

— NNPC ReportAttributing the improved production levels to operational efficiency.

This financial upswing is a welcome development for Nigeria's economy, showcasing the potential for growth within the national oil company. The focus on operational efficiency and strategic recovery initiatives, even amidst disruptions, signals a commitment to sustained performance. The increasing contribution of gas to the energy mix is particularly noteworthy, aligning with global trends and domestic energy diversification goals. From a Nigerian perspective, this report signifies not just a financial win but a step towards greater energy security and economic stability.

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.

— NNPC ReportAcknowledging the impact of pipeline disruptions on output.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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