NNPC Records N385bn Profit as Oil Production Hits 1.64m bpd

The Nigerian National Petroleum Company Limited (NNPC) has reported a profit after tax of ₦385 billion for January 2026, according to its latest monthly operational report.

In the NNPC Monthly Report Summary for January, the state-owned oil company disclosed that crude oil and condensate production increased to 1.64 million barrels per day during the month.

The report also showed that the company generated ₦2.571 trillion in revenue and remitted ₦726 billion as statutory payments to the federation.

However, despite the profit recorded, the company’s revenue declined significantly compared to the previous month. NNPC’s earnings fell by 47 percent, dropping from ₦4.82 trillion recorded in December 2025 to ₦2.57 trillion in January 2026.

The company attributed the improvement in production levels to operational recovery across key assets. According to the report, the increase was largely driven by the completion of maintenance work at major offshore facilities, particularly the Agbami Oil Field, alongside operational improvements in other upstream operations.

The report highlights ongoing efforts by NNPC to stabilize oil production and improve operational efficiency across Nigeria’s petroleum sector.