NNPC records ₦2.77tn revenue, as Production gains

The Nigerian National Petroleum Company (NNPC) Limited has posted a revenue of ₦2.774 trillion and a profit after tax of ₦276 billion for March 2026, even as pipeline disruptions and infrastructure constraints continued to impact overall production.

According to the company’s latest monthly report, crude oil and condensate production rose slightly to 1.56 million barrels per day, reflecting a modest recovery from the previous month.

This improvement was largely attributed to the early completion of maintenance at the OML 118 Bonga facility, which was delivered ahead of schedule.

However, these gains were partially offset by a major outage on the Trans Forcados Pipeline caused by a leak in the Keremor axis, leading to production curtailments across multiple assets between February 20 and March 25.

Natural gas production continued its upward trajectory, reaching 7,731 million standard cubic feet per day (mmscf/d), one of the highest levels recorded during the review period.

Gas sales also strengthened, rising to 5,059 mmscf/d, indicating improved delivery efficiency and growing market demand. These figures reinforce Nigeria’s strategic shift toward gas as a more stable and scalable energy source.

Despite the rise in production, crude oil and condensate sales declined to 17.27 million barrels in March, reflecting ongoing evacuation and infrastructure challenges. Upstream pipeline availability stood at 76 percent, underscoring persistent reliability issues within the country’s oil transport network.

NNPC’s retail performance showed mixed results, with Premium Motor Spirit (PMS) availability across its stations nationwide recorded at 56 percent.

This figure points to continued distribution inefficiencies and uneven supply across regions, as illustrated in the report’s operational map.

On the infrastructure front, progress remained strong on key gas pipeline projects. The Ajaokuta-Kaduna-Kano (AKK) pipeline has reached 93 percent completion, while the Obiafu-Obrikom-Oben (OB3) pipeline has advanced to 96 percent.

The company also reported ongoing drilling activities at the OB3 River Niger crossing and significant progress on pre-commissioning works, signaling imminent improvements in gas transportation capacity.

Statutory payments from January to March totaled ₦2.888 trillion, highlighting the NNPC’s continued contribution to government revenue despite operational setbacks.

The report indicates that while production trends have remained volatile over the past year, gas output has shown consistent growth, positioning it as a key driver of future stability.

Industry observers note that the NNPC’s performance reflects the broader reality of Nigeria’s energy sector, where infrastructure vulnerabilities particularly regarding pipelines continue to weigh on output and efficiency.

In response, the company stated it is intensifying efforts to strengthen production resilience through asset reliability initiatives, the resolution of evacuation constraints, and targeted recovery strategies.

Analysts maintain that sustained investment in pipeline security, alternative evacuation channels, and distribution efficiency will be critical to unlocking higher production levels and stabilizing supply across the country.