Ojulari says crude output reaches 1.71 million barrels per day as company delivers N19.5 trillion to federation and targets 3 million bpd by 2030.
The Nigerian National Petroleum Company (NNPC) Limited has signed gas sale and purchase agreements worth over $20 billion in the last one year, covering long-term LNG feed gas and domestic industrial supply, Group Chief Executive Officer Bayo Ojulari has announced.
Ojulari made the disclosure on Tuesday while speaking at the 25th NOG Energy Week 2026 conference in Abuja.
$20bn in gas agreements with seven more transactions in the pipeline
Ojulari said the deals, signed since the NOG Energy Week 2025, cover a combined volume of gas committed to long-term supply contracts.
“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.”
Ojulari said NNPC’s operational transformation has delivered measurable improvements across production, revenue and cost efficiency.
“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 approximately 1.71 million barrels per day (bpd) the highest level recorded in five years, while NNPC Exploration and Production Limited attained a record production of 365,000 bpd.
NNPC recorded an average 98 percent recovery across its five crude oil export terminals between April 2025 and May 2026, a significant improvement from operational lows of about one percent at the Bonny Oil and Gas Terminal in June 2022.
Ojulari said 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.
The company also maintained 100 percent compliance with all joint venture (JV) cash call obligations throughout 2025 and up to June 2026, 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.
NNPC targets 3 million bpd and 12 billion cubic feet of gas by 2030
Ojulari set out the company’s long-term production ambitions. NNPC’s target is to raise crude oil production to 2 million bpd by 2027 and 3 million bpd by 2030.
On gas, the company expects total production to rise from approximately 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.
The disclosures come at a pivotal moment for NNPC, which has undergone significant structural and commercial reforms since its conversion from a state oil corporation to a limited liability company. The combination of rising production, improved terminal recovery rates, reduced operating costs and landmark gas agreements positions NNPC as a more commercially oriented entity than its predecessor — a shift reinforced by the introduction of earnings calls and monthly performance reporting as tools to build investor confidence ahead of a potential public listing.
