The Nigerian National Petroleum Company Limited recorded ₦2.68tn in revenue in February 2026, even as Nigeria’s crude oil production slipped due to pipeline disruptions and operational setbacks across key assets.
Figures from the company’s latest monthly performance summary show revenue rose by 4.2 per cent from ₦2.57tn in January. However, profit after tax fell sharply by 64.67 per cent to ₦136bn, compared to ₦385bn in the preceding month.
Despite the drop in profit, statutory remittances to the Federal Government climbed to ₦1.804tn. This surge followed a presidential directive that ended the 30 per cent profit retention previously allowed for oil and gas earnings, significantly increasing transfers to the Federation.
Oil and condensate output declined from 1.64 million barrels per day in January to 1.51 million barrels per day in February. Of the total, crude oil production accounted for 1.27mbpd, while condensate contributed 0.24mbpd.
The company linked the decline to multiple technical challenges, including the shutdown of the Trans Forcados Pipeline over integrity concerns, restart issues at the Agbami Field gas turbine compressors after maintenance, delays at the Sterling Oguali flow station, and operational limits at Enyie wells caused by sludge management problems.
Gas production, however, remained strong at 7,458 million standard cubic feet per day, one of the highest levels in recent months. Gas sales stood at 4,893mmscf/d on a two-month lag basis, slightly below earlier peaks recorded in 2025.
Total crude and condensate sales for February were 23.08 million barrels, reflecting the impact of both reduced production and evacuation bottlenecks.
On the retail side, the availability of Premium Motor Spirit at NNPC Retail stations fell to 58 per cent, raising fresh concerns about fuel supply efficiency in parts of the country.
In terms of infrastructure, progress continued on strategic gas pipelines. The Ajaokuta-Kaduna-Kano Gas Pipeline reached 93 per cent completion, while the Obiafu-Obrikom-Oben Gas Pipeline stood at 96 per cent, with ongoing construction and drilling works.
Upstream pipeline availability was reported at 93 per cent, indicating relative stability in sections of the network despite the disruptions experienced during the month.
The company said efforts were underway to restore output through improved asset reliability, faster resolution of evacuation constraints, and timely completion of critical infrastructure projects.
Nigeria has faced persistent difficulties meeting its oil production targets due to vandalism, oil theft, ageing facilities, and delayed investments. The Trans Forcados route, a key evacuation channel, has historically suffered repeated outages that often lead to significant output losses.
The February performance highlights the oil firm’s continued importance to government revenue at a time of fiscal pressure, even as operational inefficiencies continue to affect production. All figures, the company noted, remain provisional pending reconciliation with stakeholders.
