By Mardiyyah Abubakar
The Nigerian National Petroleum Company (NNPC) Limited says it signed gas sale and purchase agreements worth more than $20 billion in the past year and cut operating costs by $3.4 billion through reforms and contract optimisation.
Group Chief Executive Officer Bayo Ojulari disclosed this on Tuesday at the 25th NOG Energy Week 2026 in Abuja.
He said the agreements, signed since NOG Energy Week 2025, cover 1.29 billion standard cubic feet per day of long-term LNG feed gas and 750 million standard cubic feet per day of domestic industrial gas supply to DFL FZE and Dangote Refinery.
Ojulari said the agreements represent more than $20 billion in associated investments, with seven additional commercial transactions already in the pipeline.
He also said NNPC increased crude oil production by 6%, gas production by 8.1%, and delivered ₦19.5 trillion to the Federation Account, a 21.8% increase.
“These are not just numbers. They demonstrate that operational discipline, commercial efficiency and strategic reforms can simultaneously increase production, reduce costs and improve returns to the nation,” he said.
Ojulari said Nigeria’s crude oil production has risen to about 1.71 million barrels per day, the highest level in five years, while NNPC Exploration and Production Limited recorded a peak production of 365,000 barrels per day.
He added that the company achieved an average 98% recovery across its five crude oil export terminals between April 2025 and May 2026, compared with operational lows of about 1% at the Bonny terminal in June 2022.
According to him, NNPC aims to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
He also projected gas production would increase from about 7.62 billion cubic feet per day in 2026 to 10 billion cubic feet per day in 2027, before reaching 12 billion cubic feet per day by 2030.
Ojulari said gas output has already climbed to 7.5 billion standard cubic feet per day following the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano Gas Pipeline and the commissioning of the ANOH Gas Processing Plant.
He added that NNPC met all joint venture cash call obligations throughout 2025 and up to June 2026.
The company also resumed full monthly remittances to the Federation Account in July 2025, reinstated monthly business performance reports and held its first earnings call in November 2025 as part of efforts to strengthen transparency and investor confidence.
