NNPC Doubles Profit in 30 Days as Gas Boom Drives Historic Turnaround

In March 2026, the Nigerian National Petroleum Company Limited posted a remarkable financial rebound, recording a profit after tax of N276 billion—an impressive 102.94% jump from February. This surge was powered by stronger operational efficiency and a record-breaking rise in gas production. Although revenue climbed to N2.77 trillion, the standout achievement was the company’s ability to more than double its earnings within a single month, signaling a solid recovery in its core financial health.

Gas production emerged as the key driver of this growth, reaching 7,731 million standard cubic feet per day—the highest level recorded in the past year. This milestone underscores gas’s growing importance in Nigeria’s energy mix. Gas sales also increased significantly to 5,059 mmscf/d, supported by major progress in infrastructure projects like the Ajaokuta-Kaduna-Kano pipeline spur line to Gwagwalada and ongoing drilling work on the OB3 pipeline at the River Niger crossing.

Operational gains further strengthened performance, particularly the early completion of maintenance at the OML 118 Bonga facility. Finishing the turnaround 12 days ahead of schedule helped stabilize output and reduce losses linked to infrastructure challenges. Meanwhile, crude oil and condensate production held steady at 1.56 million barrels per day—an improvement from January—though actual crude sales dropped sharply to 17.37 million barrels due to persistent transportation and logistics issues.

Despite the strong financial showing, challenges remain. A leak along the Keremor axis of the Trans Forcados Pipeline triggered a month-long disruption that significantly impacted production volumes. The downstream sector also continues to face pressure, with petrol availability at NNPC retail outlets hovering at just 56% nationwide. While the company contributed N2.89 trillion in statutory payments to the federation in the first quarter, these figures highlight an ongoing struggle: even as profits grow, pipeline disruptions and supply chain bottlenecks still pose serious risks to long-term stability.