NNPC Revenue Rises to ₦2.774tn as Oil, Gas Production Increase in March

NNPC Limited has recorded increases in crude oil, condensate, and gas production for March 2026, with the company posting ₦2.774 trillion in revenue for the month.

According to the company’s latest Monthly Report Summary, crude oil and condensate production rose to 1.56 million barrels per day, while gas production climbed to 7,731 million standard cubic feet per day (mmscf/d).

The figures represent increases of approximately 3.31 per cent and 3.66 per cent respectively compared to February 2026, with gas production reaching its highest level in the past 12 months.

NNPC attributed the improved performance to sustained operational efficiency and progress on major energy infrastructure projects across the country.

Key projects drive growth

Among the milestones highlighted in the report was the early completion of turnaround maintenance on OML 118 Bonga, which was delivered 12 days ahead of schedule.

The company also disclosed that welding work on the 24-inch spur line connecting the Gwagwalada Independent Power Plant to the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline had been completed.

In addition, drilling activities at the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger crossing were said to be progressing steadily.

Profit jumps by over 100%

On the financial side, the national oil company reported a profit after tax of ₦276 billion for March 2026, representing a 102.94 per cent increase compared to February.

The report further revealed that cumulative statutory payments between January and March 2026 reached ₦2.888 trillion.

NNPC said the results reflect ongoing efforts to strengthen upstream and midstream operations, expand gas infrastructure, and improve energy production efficiency nationwide.

The company added that it remains focused on sustaining production growth and supporting Nigeria’s broader energy security and economic development objectives.