The Nigerian National Petroleum Company Limited has reported a profit after tax of N276bn in March, supported by strong gas output growth and improved operational efficiency across its upstream and midstream operations. The figure represents a significant increase compared to the previous month, reflecting stronger production performance.
According to the company’s latest monthly report, the rise in earnings was driven largely by improved gas production, which reached its highest level in the past 12 months. The gas output growth was recorded alongside steady crude oil production and increased revenue generation during the period.
The report showed that NNPC’s revenue rose to N2.77tn in March, while crude oil and condensate production remained stable at 1.56 million barrels per day.
A key highlight of the report was the increase in gas production, which climbed to 7,731 million standard cubic feet per day, marking the highest level recorded within a 12-month period. This gas output growth was identified as a major contributor to the company’s improved financial performance.
NNPC attributed the production increase to improved operational efficiency, particularly in offshore assets and the early completion of maintenance activities at key facilities. The company also noted that gas supply continued to rise steadily across the first quarter of the year.
Despite operational challenges, including pipeline disruptions, the company maintained production stability, supporting overall revenue growth.
The report indicated that while crude oil production remained unchanged month-on-month at 1.56 million barrels per day, improved gas performance helped offset logistical and infrastructure constraints.
NNPC stated that turnaround maintenance activities were completed ahead of schedule in some assets, contributing to better output levels. However, it also acknowledged that pipeline disruptions temporarily affected production and evacuation processes during the period.
The gas output growth was therefore achieved within a context of mixed operational conditions, combining efficiency gains with ongoing infrastructure challenges.
The company recorded a profit after tax of N276bn, representing a sharp increase compared to the previous month. The report linked this performance directly to improved production volumes and higher revenue inflows.
Revenue for March stood at N2.77tn, reflecting a month-on-month increase driven by both oil and gas segments. NNPC noted that sustained gas output growth is increasingly central to its financial stability, as gas continues to play a larger role in Nigeria’s energy mix and export potential.
The March performance reflects a broader trend of gradual recovery in Nigeria’s oil and gas sector, where gas development is becoming a key growth driver.
Industry data shows that gas production has been rising steadily over recent months, supported by infrastructure upgrades and commercial supply agreements. The continued gas output growth is expected to strengthen domestic energy supply and support industrial demand.
However, analysts also note that sustaining this momentum will depend on resolving infrastructure bottlenecks and improving pipeline reliability.
