The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has disclosed that the company secured gas sale and purchase agreements valued at more than $20 billion over the past year.
Speaking at the 25th NOG Energy Week 2026 in Abuja, Ojulari said the agreements cover the supply of 1.29 billion standard cubic feet of gas per day for long-term liquefied natural gas (LNG) projects and 750 million standard cubic feet per day for domestic industrial users, including DFL FZE and the Dangote Refinery.
He explained that the deals are expected to attract investments exceeding $20 billion, while negotiations on seven additional commercial transactions are currently underway.
Ojulari also revealed that NNPC achieved a $3.4 billion reduction in operating costs through contract restructuring and improved operational efficiency.
According to him, the company recorded a six per cent increase in crude oil production and an 8.1 per cent rise in gas production, while remitting ₦19.5 trillion to the Federation Account, representing a 21.8 per cent increase in government revenue.
He said Nigeria’s crude oil production has climbed to approximately 1.71 million barrels per day, the highest level recorded in the last five years, with NNPC Exploration and Production Limited reaching a record output of 365,000 barrels per day.
Ojulari further stated that the company achieved an average 98 per cent operational recovery across its five crude oil export terminals between April 2025 and May 2026, a significant improvement from the severe operational disruptions experienced in previous years.
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 added that total gas production is projected to rise from 7.62 billion cubic feet per day in 2026 to 10 billion cubic feet per day in 2027, with a long-term target of 12 billion cubic feet per day by 2030.
Ojulari attributed the recent growth in gas production 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 also noted that NNPC maintained full compliance with its joint venture cash call obligations throughout 2025 and the first half of 2026, while resuming monthly remittances to the Federation Account and introducing regular business performance reporting and earnings calls to strengthen transparency and investor confidence.
