Nigeria's crude oil production drops to 1.51mbpd in February despite gas gains
Nigeria's crude oil and condensate production fell to 1.51 million barrels per day (mbpd) in February 2026, down from 1.64 mbpd in January, continuing a fluctuating trend in the upstream sector. Despite this decline, gas production increased to 7,458 million standard cubic feet per day (mmscfd), with strong gas sales at 4,893 mmscfd, reinforcing gas as a stabilizing component of Nigeria's energy mix.
Financially, NNPC posted impressive results with revenue of N2.68 trillion and profit after tax of N136 billion for February. Statutory payments to the government totalled N1.804 trillion, highlighting the company's fiscal significance despite production headwinds. Petrol availability at NNPC retail stations stood at 58%, while strategic pipelines like OB3 (96% availability) and AKK (93%) performed well.
The production challenges reflect ongoing issues with pipeline constraints and operational disruptions, though NNPC CEO Bayo Ojulari noted that national crude production has increased from 960,000 barrels per day in 2022 to an average of 1.71 mbpd in 2025. With Nigeria's Gas Master Plan 2026 focusing on industrialization and energy security, the country's immediate energy future may increasingly depend on harnessing gas resources rather than relying solely on oil recovery.