NNPC posts N3.49trn profit in nine months

By Obas Esiedesa, Abuja ABUJA — The Nigerian National Petroleum Company Limited (NNPC) recorded a cumulative Profit After Tax (PAT) of N3.494 trillion between January and September 2026, following an 18.1 per cent increase in its September profit to N509 billion. The September profit rose from N431 billion recorded in August, according to the company’s September 2026 Monthly Operations and Financial Report.

The latest figures bring NNPC’s cumulative profit for the first nine months of 2026 to N3.494 trillion. A breakdown of the performance showed that the company recorded profits of N385 billion in January, N136 billion in February, N276 billion in March, N481 billion in April, N462 billion in May, N535 billion in June, N279 billion in July, N431 billion in August and N509 billion in September.

The report also showed that NNPC generated N33.152 trillion in revenue during the nine-month period. Its September revenue stood at N4.608 trillion, representing a 23.3 per cent increase from the N3.737 trillion recorded in August. Monthly revenue figures showed that the company generated N2.571 trillion in January, N2.680 trillion in February, N2.774 trillion in March, N4.971 trillion in April, N4.335 trillion in May, N4.389 trillion in June and N3.087 trillion in July.

On its statutory obligations, NNPC disclosed that payments to the Federation Account and other statutory remittances rose to N11.14 trillion between January and September. The amount represents an increase of 17.4 per cent, or N1.65 trillion, over the N9.49 trillion recorded between January and August. On the operational front, average crude oil and condensate production stood at 1.70 million barrels per day in September.

Natural gas production also increased to 7,789 million standard cubic feet per day, compared with 7,680 million standard cubic feet per day recorded in August. Total hydrocarbon production, comprising crude oil, condensate and natural gas equivalent, averaged 3.04 million barrels of oil equivalent per day during the period. The company further reported 100 per cent availability of its upstream pipeline infrastructure in September.

On gas infrastructure projects, NNPC said the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had achieved 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline was 95 per cent complete. It added that the OB3 River Niger Crossing pipeline had been commissioned and operationalised. According to the company, collaboration with relevant stakeholders was ongoing to accelerate construction and pre-commissioning activities on the AKK project, with a target of delivering early gas supply to Abuja before the end of 2026.