Oil Output Improves as NNPC Records Over ₦276 Billion Profit in March

NNPC Limited has recorded an increase in crude oil, condensate, and gas production for March 2026, according to its latest Monthly Report Summary.
The report showed that crude oil and condensate production rose to 1.56 million barrels per day, while gas production increased to 7,731 million standard cubic feet per day (mmscf/d).
This represents growth of about 3.31 percent and 3.66 percent respectively when compared to the figures recorded in February 2026. Gas production also achieved its highest level within the last 12 months.
The company attributed the improved performance to sustained operational efficiency and the successful completion of major projects during the review period.
Among the major milestones achieved was the early completion of the OML 118 Bonga Turnaround Maintenance, which was delivered 12 days ahead of schedule. The report also disclosed that welding activities on the 24-inch spur line to the Gwagwalada Independent Power Plant along the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline had been completed. It added that drilling operations at the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger crossing continued steadily as planned.
On the financial side, NNPC Limited posted revenue of ₦2.774 trillion, reflecting a 3.51 percent increase from the previous month. Profit after tax also climbed significantly to ₦276 billion, representing a 102.94 percent increase compared to February 2026.
The report further stated that cumulative statutory payments between January and March 2026 reached ₦2.888 trillion, while progress continued on major upstream and midstream projects across the country.
According to the company, the latest performance demonstrates its commitment to improving operational efficiency, expanding gas infrastructure, and boosting energy production nationwide.