The Nigerian National Petroleum Company Limited reported a profit after tax of N385 billion in January 2026, supported by a rise in crude oil and condensate production to 1.64 million barrels per day (mbpd). According to the company’s latest monthly operational report, the state-owned energy firm generated N2.571 trillion in revenue during the month and remitted N726 billion as statutory payments to the Federation.
Despite the profit growth, the report revealed that NNPC’s monthly revenue dropped sharply by 47 percent, declining from N4.82 trillion in December 2025 to N2.57 trillion in January 2026. The company attributed the improved production levels to the completion of maintenance work at key offshore assets, particularly the Agbami oil field, alongside operational improvements across other upstream facilities.
Nigeria’s crude output increased from 1.55 mbpd in December 2025 to 1.64 mbpd in January, representing a 5.8 percent month-on-month rise. NNPC noted that the recovery followed the completion of turnaround maintenance at major facilities, including Agbami and other upstream assets. However, the company said crude deliveries were still affected by adverse weather conditions, evacuation challenges and asset integrity issues in some production corridors.
The report also showed stronger performance in the gas sector, with natural gas production rising to 7,283 million standard cubic feet per day (mmscf/d) from 6,914 mmscf/d in December, marking a 5.3 percent increase. Gas sales also improved to 4,978 mmscf/d, indicating increased supply to power plants, industrial users and export markets as upstream operations stabilised.
Meanwhile, progress continued on major gas infrastructure projects aimed at strengthening Nigeria’s energy capacity. NNPC disclosed that the Ajaokuta–Kaduna–Kano (AKK) gas pipeline has reached 92 percent completion, while the Obiafu–Obrikom–Oben (OB3) pipeline stands at 96 percent completion. Analysts say sustained improvements in production will depend on stronger pipeline security, infrastructure upgrades and increased investment in upstream operations as Nigeria works to maintain output above 1.6 million barrels per day.
source: punch