The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has disclosed that the company signed gas sale and purchase agreements valued at over $20 billion within the past year.
Speaking at the NOG Energy Week 2026 on Tuesday in Abuja, Ojulari said the agreements were concluded between NOG Energy Week 2025 and the current edition of the conference.
According to him, the agreements 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 noted that the agreements are backed by investments exceeding $20 billion, adding that seven additional commercial transactions are currently in the pipeline.
The NNPC chief also revealed that the company reduced its operating costs by $3.4 billion through contract restructuring and operational optimisation.
He said the company recorded a six per cent increase in crude oil production and an 8.1 per cent rise in gas production, while delivering N19.5 trillion in revenue to the Federation, representing a 21.8 per cent increase.
According to Ojulari, the achievements reflect improved operational discipline, commercial efficiency and strategic reforms that have boosted production, reduced costs and increased returns to the nation.
He further disclosed that Nigeria’s crude oil production has risen to approximately 1.71 million barrels per day, the highest level recorded in five years, while NNPC Exploration and Production Limited achieved a record output of 365,000 barrels per day.
Ojulari added that the company recorded an average recovery rate of 98 per cent across its five crude oil export terminals between April 2025 and May 2026, a significant improvement from the operational low of about one per cent recorded at the Bonny oil and gas terminal in June 2022.
Looking ahead, he said NNPC aims to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
He also projected that total 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 attributed the recent rise in gas production to 7.5 billion standard cubic feet per day to the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano Gas Pipeline and the commissioning of the ANOH Gas Processing Plant.
He further stated that NNPC maintained full compliance with all joint venture cash call obligations throughout 2025 and up to June 2026.
The NNPC boss added that 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 as part of efforts to strengthen transparency, accountability and investor confidence.
