Business
NNPC Ltd’s February Revenue Rises 4.2% to N2.68tn, Profit Slumps by 64.7%
The Nigerian National Petroleum Company Limited (NNPC Ltd) made a modest revenue recovery in February 2026, posting a 4.2 percent increase to N2.68 trillion, up from N2.57 trillion in January.
Besides, data from the company’s February Monthly Report Summary released yesterday showed that crude oil production declined sharply due to renewed infrastructure constraints, falling to 1.51 million barrels per day in February from 1.64 million bpd in January. This indicated a 7.9 percent drop, month-on-month.
According to the data, profitability weakened significantly, with Profit After Tax (PAT) dropping to N136 billion in February from N385 billion in January, representing a steep 64.7 percent decline.
This suggested that despite higher revenue, cost pressures and operational inefficiencies may have adversely impacted the margins of the national oil major.
Conversely, statutory payments to the federation rose sharply to N1.804 trillion in February, compared to N726 billion in January. This marked an increase of approximately 148.5 percent, indicating a significantly higher fiscal contribution despite the decline in profitability.
The improvement came after a steep 46.7 percent revenue drop recorded in January, suggesting a partial stabilisation in earnings, but still below the N4.82 trillion peak seen in December 2025.
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However, the NNPC Ltd attributed the February production shortfall to the outage of the Trans Forcados Pipeline (TFP) due to integrity issues, as well as start-up challenges at the Agbami Gas Turbine (GTC) 2 and 3 facilities following turnaround maintenance. Additional delays at the Sterling Ogualli flow station and ramp-up constraints at Enyie wells, it said, further weighed on output.
“February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline (TFP) due to integrity issues; start-up challenges of Stardeep Agbami GTC 2 & 3 following completion of turnaround maintenance; delayed completion of the Sterling Oguali flow station; and production ramp-up constraints from Enyie wells due to sludge management issues, among other operational challenges,” it stated.
In contrast, gas production maintained its upward trajectory, rising to 7,458 million standard cubic feet per day (mmscfd) in February from 7,283 mmscfd in January. This represented a 2.4 per cent increase, building on the 5.3 percent growth recorded in January.
Gas sales also improved slightly, climbing to 4,893 mmscfd in February from 4,978 mmscfd in January, reflecting a marginal 1.7 percent decline and suggesting some moderation in offtake despite higher production.
Overall, operational efficiency indicators showed mixed movements. Upstream pipeline availability declined to 93 percent in February from 96 percent in January, due to the impact of the TFP outage.
Similarly, the completion level of the much-talked-about Ajaokuta-Kaduna-Kano (AKK) pipeline edged up slightly to 93 percent from 92 percent in January, while the Obiafu-Obrikom-Oben (OB3) pipeline remained at 96 per cent.
Also, retail performance improved modestly, with petrol availability at NNPC retail stations rising to 58 percent in February from 54 percent in January, suggesting a slight easing in downstream supply constraints.
A comparison of other trends indicated diverging trajectories between oil and gas segments. While crude oil production fluctuated within a narrow band and remained highly sensitive to infrastructure reliability, gas output showed more consistent growth.
The company also said it maintained its social investment efforts through the NNPC Foundation. While January featured a large-scale financial literacy programme reaching nearly 80,000 NYSC members nationwide, it stated that February activities focused on reproductive health awareness campaigns in secondary schools, alongside broader corporate social responsibility engagements.
“(NNPC Foundation) undertook a reproductive health awareness campaign to public girls’ secondary schools in Jos, Plateau State, and socialized the NNPC brand by distributing branded boxes of essential sanitary items to support the girls’ better management of their menstrual health.
“(It also) publicised NNPC’s CSR and social investments across Nigeria at the NIPR Reputation Roundtable in Abuja, socialised the NNPC brand and showcased it as Africa’s most responsible organisation in the social intervention space,“ the company stated.
However, the NNPC Ltd stated that all production, sales, and financial figures it announced were provisional and subject to reconciliation with relevant stakeholders.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
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The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
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Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”





