NNPCL Profit Jumps to N509bn as OB3 Pipeline Begins Operations

By Chibuzor Alli

The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax of N509 billion in September 2026, representing an increase of N78 billion from the N431 billion reported in August.

The latest figures, contained in the company’s September monthly report released on Tuesday, also highlight progress in Nigeria’s gas infrastructure, with the Obiafu-Obrikom-Oben (OB3) gas pipeline now operational following the completion of its River Niger crossing.

NNPCL disclosed that the pipeline “had been commissioned and operationalised”, marking a significant development in efforts to strengthen the country’s gas transportation network.

The company’s financial performance came alongside a marginal improvement in crude oil production. Average crude oil and condensate output rose to 1.7 million barrels per day (bpd) in September, compared with 1.69 million bpd in August.

Natural gas production also increased to 7,789 million standard cubic feet per day (mmscf/d), up from 7,680 mmscf/d in the preceding month.

Similarly, crude oil and condensate sales edged up to 24.63 million barrels from 24.56 million barrels in August. The report attributed much of the production improvement to the restoration of output from the Obodo (OML 150) restart and other assets.

The improved figures also translated into higher contributions to government revenue, as cumulative statutory payments to the Federation Account reached N11.14 trillion between January and September, compared with N9.48 trillion recorded between January and August.

NNPCL, however, acknowledged that operational setbacks continued to limit production, despite the monthly gains.

“Production remained constrained by unplanned downtime associated with facility reliability challenges, subsurface issues, flowline leaks, community protests, equipment failures, storage and tank-top constraints, and disruptions to export infrastructure,” the company said.

Gas sales recorded a 1.2 per cent increase, reaching 4,793 mmscf/d in September from 4,737 mmscf/d in August.

On infrastructure development, the company reported 100 per cent availability across its upstream pipelines, while the OB3 and Ajaokuta-Kaduna-Kano (AKK) gas pipelines had reached 100 per cent and 95 per cent completion, respectively.

It also said efforts to sustain production growth included restoring shut-in wells and facilities, optimising production and carrying out well interventions.

“We are also strengthening facility reliability and preventive maintenance, addressing subsurface and flowline integrity issues, and improving community engagement to minimise production deferments,” it said.

Despite the improvements in production and gas infrastructure, petrol availability at NNPCL retail stations nationwide stood at 54 per cent in September, according to the report.