NNPC Reports N509bn September Profit, Output Up on Restored Assets

The Nigerian National Petroleum Company (NNPC) Limited recorded N4.61 trillion in revenue and N509 billion in profit after tax in September 2026, as its total hydrocarbon production rose to 3.04 million barrels of oil equivalent per day (mmboe/d).

The figures are contained in the company’s September 2026 Monthly Report Summary.

Total output increased from 3.01 mmboe/d in August. NNPC credited the gain mainly to the restart of the Obodo field in Oil Mining Lease (OML) 150 and the restoration of production at other assets.

Crude oil and condensate production stood at 1.70 million barrels per day (bpd). Natural gas output, however, dipped to 7,789 million standard cubic feet per day (mmscf/d) from 7,841 mmscf/d in August.

Gas sales moved the other way, averaging 4,793 mmscf/d against 4,737 mmscf/d the previous month. Crude oil and condensate sales totalled 24.63 million barrels.

The report put upstream pipeline availability at 100 per cent. Petrol availability across NNPC Retail Limited stations was 54 per cent.

Statutory payments from January to September 2026 amounted to N11.14 trillion, according to the report.

NNPC said output was still held back by unplanned downtime from facility reliability problems, subsurface issues, flowline leaks, community protests and equipment failures. Storage and tank-top limitations, as well as disruptions to export infrastructure, also affected production.

To address these, the company said it is restoring shut-in wells and facilities, optimising production and carrying out well interventions. It also plans preventive maintenance, fixes to subsurface and flowline integrity problems, stronger community engagement, and measures to ease storage and export constraints.

The September results follow earlier strong monthly reports. Between January and August 2026, NNPC generated N28.54 trillion in revenue and N2.99 trillion in profit after tax, according to its monthly financial reports.

For the 2025 financial year, its audited accounts showed profit after tax rising 32.7 per cent to N7.18 trillion from N5.41 trillion in 2024. Revenue fell 23.4 per cent to N34.52 trillion from N45.08 trillion, while gross profit declined to N9.37 trillion from N11.71 trillion.

Separately, NNPC is considering selling 5 to 10 per cent of its equity in a planned initial public offering (IPO), with the listing expected to focus mainly on the domestic capital market.