Bayo Ojulari, group chief executive officer (GCEO), the Nigerian National Petroleum Company (NNPC) Limited, says the firm has signed several landmark gas sale and purchase agreements (GSPAs) since the NOG Energy Week 2025.
Speaking at the 25th NOG Energy Week 2026 in Abuja on
Tuesday, Ojulari said the gas deals, signed in the last one year, are worth $20
billion.
“This covers 1.29 billion standard cubic feet per day for
long-term LNG feed gas and 750 million standard cubic feet per day for domestic
industrial gas supply to DFL FZE and Dangote Refinery,” he said.
“These agreements represent more than US$20 billion in
associated investments, with seven additional commercial transactions in the
pipeline.”
The GCEO also said NNPC has cut its operating costs by $3.4
billion through contract restructuring and optimisation.
Ojulari said the company’s transformation has yielded
measurable results.
“We have achieved a six percent increase in crude oil
production, an 8.1 percent increase in gas production,” he said.
“We have delivered N19.5 trillion in government take to the
federation, representing a 21.8 percent increase, and successfully reduced
costs by $3.4 billion through contract restructuring and optimisation.
“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.”
Ojulari added that Nigeria’s crude oil production had
increased to about 1.71 million barrels per day (bpd), the highest level
recorded in five years, while the NNPC Exploration and Production Limited
attained a record production of 365,000 bpd.
He said NNPC recorded an average 98 percent recovery across
its five crude oil export terminals between April 2025 and May 2026.
The recovery, Ojulari said, was a significant improvement
from operational lows of about one percent at the Bonny oil and gas terminal in
June 2022.
The GCEO said the company’s long-term target is to raise
crude oil production to 2 million bpd by 2027 and 3 million barrels per day by
2030.
Ojulari said NNPC expects total gas production to rise 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.
He added that gas production “reached 7.5 billion standard
cubic feet per day, driven by the successful completion of the River Niger
crossing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the commissioning
of the ANOH Gas Processing Plant”.
According to the GCEO, the company maintained 100 percent
compliance with all joint venture (JV) cash call obligations throughout 2025
and up to June 2026.
He further said the company resumed full monthly remittances
to the federation account in July 2025, reinstated monthly business performance
reporting and hosted its first-ever earnings call in November 2025.
The GCEO said this underscored
the company’s commitment to transparency, accountability, and boosting investor
confidence.
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