By Oke Peter

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has released its Monthly Report Summary for March 2026, posting improved performance across crude oil, condensate and gas production, alongside stronger financial results.

According to the report, Nigeria’s crude oil and condensate production under NNPC’s operations rose to 1.56 million barrels of oil per day (mmbopd) in March 2026, representing a 3.31 per cent month-on-month increase compared with the February 2026 report.


Similarly, the company recorded growth in natural gas output, with production rising to 7,731 million standard cubic feet per day (mmscf/d), reflecting a 3.66 per cent increase from the previous month. NNPC noted that March gas production was particularly significant, as it marked the highest monthly gas production level within the trailing 12-month period captured in the report. Industry watchers see this as a strong signal of improving operational efficiency and the increasing importance of gas in Nigeria’s energy transition strategy.


Revenue rises to N2.77 trillion

On the financial side, NNPC Ltd. reported revenue of N2.774 trillion for March 2026. This represents a 3.51 per cent increase compared with the revenue figure recorded in February 2026. The company also disclosed that its profit after tax (PAT) rose sharply to N276 billion, marking a significant 102.94 per cent growth from the previous month’s report.

Analysts say the sharp increase in profit may be linked to improved production performance, stronger operational efficiency, and better cost control, although further details would be required from the full report to determine the major drivers.


Statutory payments hit N2.89 trillion in Q1

The report further highlighted NNPC’s contributions to national revenue, revealing that cumulative statutory payments between January and March 2026 amounted to N2.888 trillion.


This figure reflects the company’s role as a major source of government revenue, particularly amid rising demand for public spending and foreign exchange pressures in Nigeria.


Operational milestones recorded in March

Beyond production and financial results, NNPC said it recorded key operational milestones during the month under review.

One of the major achievements highlighted in the report was the early completion of the OML 118 Bonga Turnaround Maintenance (TAM). The maintenance exercise was delivered 12 days ahead of schedule, a development expected to support improved offshore production stability and enhance output reliability.


NNPC also announced the completed welding of the 24-inch spur line connecting the Gwagwalada Independent Power Plant (IPP) on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline.


The AKK pipeline remains one of Nigeria’s strategic gas infrastructure projects, aimed at boosting domestic gas supply, supporting industrial development and enhancing electricity generation capacity in the northern corridor.


In addition, the company confirmed that drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing were continuing as planned, indicating steady progress on another key national gas transportation infrastructure.

Strategic focus on growth and energy security


NNPC noted that the report also captured ongoing strategic initiatives being implemented within the period, reinforcing the company’s broader drive to improve production, sustain profitability, and strengthen Nigeria’s energy security.

Industry stakeholders believe that improved gas output and sustained progress on pipeline infrastructure projects could boost domestic supply, reduce reliance on imported fuels, and support industrialization.


Outlook

The March 2026 report indicates that NNPC Ltd. is maintaining positive momentum, with rising production figures and improved profitability. However, experts say sustaining this performance will depend on continued investment in infrastructure, security of oil and gas assets, and stable regulatory implementation under Nigeria’s petroleum sector reforms.

NNPC’s monthly reporting, under its transparency initiative, continues to provide stakeholders with insight into the company’s operational and financial position, while also helping to track national energy performance trends.


Key highlights of March 2026 NNPC Report

* Crude oil & condensate production: 1.56 mmbopd (+3.31%)

* Gas production: 7,731 mmscf/d (+3.66%)

* Revenue: N2.774 trillion (+3.51%)

* Profit after tax: N276 billion (+102.94%)

* Cumulative statutory payments (Jan–Mar): N2.888 trillion

* Bonga TAM completed 12 days ahead of schedule

* Welding completed on AKK spur line to Gwagwalada IPP

* OB3 River Niger Crossing drilling progressing as scheduled.

NNPC said the full report is available for download on its official website.