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The Nigerian National Petroleum Company (NNPC) Limited recorded revenue of N4.61 trillion and profit after tax of N509 billion in September 2026, as total hydrocarbon production rose to 3.04 million barrels of oil equivalent per day (mmboe/d).
According to the company’s September 2026 Monthly Report Summary, crude oil and condensate production stood at 1.70 million barrels per day (bpd), while natural gas production reached 7,789 million standard cubic feet per day (mmscf/d).
The report also showed that upstream pipeline availability was 100% during the month, while petrol availability across NNPC Retail Limited (NRL) stations stood at 54%.
NNPC production rises in September
Total hydrocarbon production increased from 3.01 mmboe/d in August to 3.04 mmboe/d in September. NNPC attributed the improvement largely to the restart of the Obodo field in Oil Mining Lease (OML) 150 and production restoration across other assets.
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Crude oil and condensate output reached 1.70 million bpd, while natural gas production eased slightly to 7,789 mmscf/d from 7,841 mmscf/d in August.
The company also reported the following sales and financial figures for September:
- Statutory payments between January and September 2026 amounted to N11.14 trillion.
- Gas sales averaged 4,793 mmscf/d, compared with 4,737 mmscf/d in August.
- Crude oil and condensate sales totalled 24.63 million barrels in September.
The production increase came alongside a slight decline in gas output and sales, indicating differing movements across the company’s hydrocarbon operations during the month.
Operational challenges constrain oil output
Despite the increase in production, NNPC identified several operational and infrastructure challenges affecting output. These included unplanned downtime arising from facility reliability problems, subsurface issues, flowline leaks, community protests and equipment failures.
Storage and tank-top limitations, alongside disruptions to export infrastructure, also affected production.
To address these constraints, the company said it was working to restore shut-in wells and facilities, optimise production and carry out well interventions. Its plans also include preventive maintenance to improve facility reliability, resolving subsurface and flowline integrity issues, strengthening community engagement and addressing storage and export infrastructure limitations.
These measures are intended to sustain production growth and reduce disruptions across its assets.
NNPC financial performance and IPO plans
NNPC is also considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
- The company’s financial performance in September follows the strong revenue and profit figures reported in the preceding months.
- Between January and August 2026, NNPC generated N28.54 trillion in revenue and recorded N2.99 trillion in profit after tax, according to its monthly financial reports reviewed by Nairametrics.
Its 2025 audited financial statements also showed that profit after tax rose by 32.7% to N7.18 trillion from N5.41 trillion in 2024. However, revenue declined by 23.4% to N34.52 trillion from N45.08 trillion, while gross profit fell to N9.37 trillion from N11.71 trillion.
