NNPCL Records N136bn Profit as Gas Production Rises

The report shows that Nigeria's crude oil and condensate production fell to 1.51 million barrels per day (mbpd) in February, as against 1.64 mbpd recorded in January, continuing a fluctuating trend observed over the past year.

Nigeria’s oil production declined in February 2026, according to highlights from the Nigerian National Petroleum Company Limited (NNPCL) report published on Saturday.

The development comes despite a steady rise in gas output and strong financial performance posted within this period.

The report shows that crude oil and condensate production fell to 1.51 million barrels per day (mbpd) in February, as against 1.64 mbpd recorded in January, continuing a fluctuating trend observed over the past year.

Analysts say this fluctuation represents a notable drop from January levels and highlights ongoing volatility in the country’s upstream sector.

A review of the graphical presentation of the production data posted shows that output peaked at about 1.70 mbpd around mid-2025 before gradually moving down towards early 2026.

The February figure of 1.51 mbpd reflects persistent challenges such as pipeline constraints and operational disruptions, despite efforts to stabilise output.

Upstream pipeline availability stood at 93 per cent, suggesting relative stability in infrastructure, although not sufficient to prevent the dip in production.

The report indicated that the country’s gas production recorded a notable increase, rising to 7,458 million standard cubic feet per day (mmscfd) in February.

This signals one of the highest levels recorded within the review period, highlighting the growing need of gas as a stabilising component of Nigeria’s energy mix.

Gas sales also remained strong at 4,893 mmscfd, reflecting sustained demand and improved delivery capacity.

The upward trajectory in gas output aligns with Nigeria’s broader strategy to deepen gas utilisation as a transition fuel and revenue source.