The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, says the company has signed gas sale and purchase agreements worth more than $20 billion in the last one year.
Speaking at the 25th NOG Energy Week 2026 in Abuja on Tuesday, Ojulari said the agreements were signed since NOG Energy Week 2025.
According to him, “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.
“These agreements represent more than US$20 billion in associated investments, with seven additional commercial transactions in the pipeline.”
Ojulari also said NNPC reduced its operating costs by $3.4 billion through contract restructuring and optimisation.
He said, “We have achieved a six percent increase in crude oil production, an 8.1 percent increase in gas production.
“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 said Nigeria’s crude oil production has risen to about 1.71 million barrels per day, the highest level recorded in five years, while NNPC Exploration and Production Limited achieved a record production of 365,000 barrels per day.
He added that the company recorded an average 98 per cent recovery across its five crude oil export terminals between April 2025 and May 2026, compared with operational lows of about one per cent at the Bonny oil and gas terminal in June 2022.
The NNPC boss said the company’s target is to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
He also said total gas production is expected 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.
Ojulari said gas production has reached 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 maintained full compliance with all joint venture cash call obligations throughout 2025 and up to June 2026.
Ojulari also said the company resumed full monthly remittances to the Federation Account in July 2025, reinstated monthly business performance reporting and held its first earnings call in November 2025, demonstrating its commitment to transparency, accountability and investor confidence.
