Nigerian National Petroleum Company March Profit Surges

NNPC reported a profit after tax of ₦276 billion in March 2026, more than double its February earnings. This significant increase was primarily driven by a surge in gas production, reaching 7,731 million standard cubic feet per day, the highest in 12 months. Operational efficiencies, including the early completion of OML 118 Bonga Turnaround Maintenance, contributed to this growth. Despite these positive developments, the company faced challenges, notably a leak on the Trans-Forcados Pipeline that caused an outage and impacted crude oil production. Crude oil sales declined, reflecting ongoing evacuation and logistics issues. However, gas sales rose, highlighting the growing importance of gas in Nigeria's energy mix. NNPC also made substantial statutory payments to Nigeria and progressed on key infrastructure projects like the Ajaokuta–Kaduna–Kano Gas Pipeline and the Obiafu-Obrikom-Oben Gas Pipeline. Downstream, petrol availability at NNPC retail stations remained at 56%, indicating persistent supply challenges.