The Nigerian National Petroleum Company Limited has recorded a revenue collection of N2.68 trillion from its economic activities in February 2026 which is an increase of 4.2 per cent when compared with N2.57tn it recorded in January.
According to the February monthly report summary posted on the company’s website yesterday, the company’s profit after tax fell by 64.67 per cent to N136bn in February compared with N385bn it recorded in January.
According to the report, the company’s profit after tax was N136bn, while statutory payments to the Federal Government rose to N1.804tn.
Analysis of the data showed that the sharp decline in profit comes amid increased remittances to the Federation following a presidential directive removing the 30 per cent retention on profit from oil and gas.
As a result, NNPC’s remittance surged by 148.48 per cent, climbing from N726bn in January to N1.8tn in February. The report stated that crude oil and condensate production dropped from 1.64mbpd in January to 1.51mbpd in February.
A breakdown showed that crude oil output stood at 1.27mbpd, while condensate contributed 0.24mbpd during the month under review. According to the monthly report summary, the decline was attributed to multiple operational challenges, including outages on critical export infrastructure.
The report stated in part: “February production performance was impacted by the combined effect of the outage of the Trans Forcados Pipeline due to integrity issues, start-up challenges of Stardeep Agbami GTC 2 and 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.”
The report showed that gas production remained relatively strong, rising to 7,458 million standard cubic feet per day, one of the highest levels recorded in recent months, while gas sales, however, stood at 4,893mmscf/d on a two month lag basis, slightly below the peak levels recorded in mid-2025.
According to the monthly report summary total crude oil and condensate sales for February stood at 23.08 million barrels, lower than the 28.64 million barrels recorded in October 2025, reflecting both production and evacuation constraints.
