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From Adanna Nnamani, Abuja
The Nigerian National Petroleum Company (NNPC) Limited recorded revenue of N4.61 trillion and profit after tax of N509 billion in September 2026, as its total hydrocarbon production increased marginally to 3.04 million barrels of oil equivalent per day (mmboe/d).
The latest financial performance came as the national oil company considers selling between five and 10 per cent of its equity through a proposed initial public offering (IPO), which is expected to focus primarily on Nigeria’s domestic capital market.
According to NNPC’s September 2026 Monthly Report Summary, total hydrocarbon production rose from 3.01 million barrels of oil equivalent per day in August to 3.04 million barrels in September.
The company attributed the increase largely to the restart of the Obodo field in Oil Mining Lease (OML) 150 and production restoration across other assets.
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), compared with 7,841 mmscf/d recorded in August.
The figures indicate a slight decline in gas production despite the improvement in overall hydrocarbon output.
NNPC also recorded average gas sales of 4,793 mmscf/d during the month, up from 4,737 mmscf/d in August, while crude oil and condensate sales totalled 24.63 million barrels.
Its statutory payments to the government between January and September 2026 amounted to N11.14 trillion.
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On operational performance, the company reported 100 per cent upstream pipeline availability during the month. However, petrol availability across its retail stations stood at 54 per cent.
Despite the increase in production, NNPC identified several operational challenges affecting output, including unplanned downtime caused by facility reliability issues, subsurface problems, flowline leaks, community protests and equipment failures.
Storage and tank-top limitations, as well as disruptions to export infrastructure, also constrained operations.
The September performance adds to the strong financial results reported by the company 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.
Its 2025 audited financial statements also showed that profit after tax increased by 32.7 per cent to N7.18 trillion from N5.41 trillion in 2024.
However, revenue declined by 23.4 per cent to N34.52 trillion from N45.08 trillion, while gross profit fell to N9.37 trillion from N11.71 trillion.
Meanwhile, the proposed IPO could see NNPC offer between five and 10 per cent of its equity to investors, marking a potential shift in its ownership structure and providing an opportunity for Nigerians and other investors to acquire shares in the company.
The proposed listing is expected to concentrate mainly on the domestic capital market, although further details on the timing, valuation and structure of the offer are yet to be established.
