The NNPC Limited has posted improved operational and financial performance in its Monthly Report Summary for March 2026, highlighting steady growth in oil and gas output alongside a sharp increase in profit.
According to the report released on Monday, crude oil and condensate production climbed to 1.56 million barrels per day (mmbopd), representing a 3.31 percent increase compared to February. Gas production also rose to 7,731 million standard cubic feet per day (mmscf/d), up by 3.66 percent within the same period. Notably, gas output for March marked the highest level recorded in the past 12 months covered by the report.
The company also announced significant operational milestones during the month. These include the early completion of turnaround maintenance on the OML 118 Bonga facility, delivered 12 days ahead of schedule. In addition, welding of the 24-inch spur line connecting to the Gwagwalada Independent Power Plant under the Ajaokuta-Kaduna-Kano Gas Pipeline project has been completed.
Progress was also recorded on the Obiafu-Obrikom-Oben Gas Pipeline, particularly at the River Niger crossing, where drilling activities are continuing in line with project timelines.
On the financial side, the report shows revenue rising to ₦2.774 trillion, reflecting a 3.51 percent increase from February. Profit after tax surged significantly to ₦276 billion, representing a jump of about 102.94 percent month-on-month.
Furthermore, cumulative statutory payments for the first quarter of 2026, covering January to March, stood at ₦2.888 trillion, underscoring the company’s contribution to government revenue.
The March report also outlines ongoing strategic initiatives aimed at strengthening production capacity, enhancing infrastructure, and supporting Nigeria’s broader energy security goals.