ABUJA – The Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, has disclosed that the national oil company remitted N19.5 trillion to the Federation Account between April 2025 and June 2026, while also recording $3.4 billion in cost savings through contract restructuring and operational optimisation.
Ojulari made the disclosure on Tuesday while speaking at the 2026 Nigeria Oil and Gas Energy Week in Abuja.
He said the company’s operational performance improved significantly during the period, with crude oil production rising by six per cent year-on-year to 569.7 million barrels, while gas production increased by 8.1 per cent to 2.576 billion standard cubic feet.
According to him, NNPC also recorded an average crude recovery rate of 98 per cent across its five export terminals between April 2025 and May 2026. He noted that this represents a major turnaround from June 2022, when operations at the Bonny Oil and Gas Terminal dropped to about one per cent due to security and operational challenges.
Ojulari further revealed that Nigeria’s crude oil production has increased to 1.71 million barrels per day, the highest output recorded in the last five years. He added that NNPC Exploration and Production Limited (NEPL) achieved a record production level of 365,000 barrels per day.
He attributed the growth in gas production, which has reached 7.5 billion standard cubic feet per day, to the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the successful commissioning of the ANOH Gas Processing Plant.
The NNPC chief also stated that the company maintained 100 per cent compliance with Joint Venture cash call obligations throughout 2025 and up to June 2026, while sustaining efforts to support the Federal Government’s target of increasing Nigeria’s crude oil production to two million barrels per day.
Delivering a keynote address at the event, the Special Adviser to the President on Energy, Olu Verheijen, said ongoing reforms in Nigeria’s energy sector are restoring investor confidence and positioning the country as a competitive destination for global energy investments.
She disclosed that the reforms have attracted more than $10 billion in Final Investment Decisions (FIDs) over the past three years, while projects valued at over $50 billion are currently in the investment pipeline.
Verheijen said government policies, including regulatory reforms, fiscal incentives and improved policy certainty, are creating a more attractive investment climate for both local and international investors.
She stated that the Federal Government aims to increase crude oil production to three million barrels per day and gas production to 10 billion standard cubic feet per day before the end of the decade.
According to her, contracting timelines have been reduced by more than half, fiscal terms have been clarified, regulatory processes streamlined and targeted incentives introduced to accelerate investments across the sector.
She added that the Presidential Power Sector Financial Reforms Programme is expected to improve confidence in Nigeria’s electricity value chain by addressing legacy debts and strengthening payment discipline among power generation companies, gas suppliers and financiers.
Verheijen further explained that the government is expanding domestic gas utilisation through reforms designed to increase Liquefied Petroleum Gas (LPG) supply, improve market transparency and promote industrial development through gas-fired power generation, fertiliser production, petrochemicals, Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) exports.
Also speaking, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, said the Federal Government is repositioning Nigeria’s vast natural gas resources to drive economic growth and industrial development.
Ekpo said the implementation of the Petroleum Industry Act (PIA) and presidential executive orders has strengthened regulatory certainty, shortened contracting timelines, introduced fiscal incentives for gas development and improved the commercial viability of deepwater gas projects, resulting in renewed investor confidence and fresh investment commitments.
He noted that Nigeria’s proven gas reserves of 215 trillion cubic feet, the largest in Africa, provide a solid foundation for industrialisation through power generation, fertiliser production, petrochemicals, transportation and clean cooking initiatives under the Decade of Gas programme.
The minister said the government is accelerating major gas infrastructure projects, including the AKK Gas Pipeline, the OB3 Gas Pipeline, expansion of gas processing facilities and the Nigeria LNG Train 7 Project, which is expected to increase the country’s LNG production capacity from 22 million tonnes to 30 million tonnes per annum upon completion.
He added that the administration is also expanding domestic gas utilisation through the National Clean Cooking Programme, which targets five million households by 2030, as well as the Presidential Compressed Natural Gas (CNG) Initiative, aimed at reducing transportation costs for Nigerians.
Ekpo further disclosed that Nigeria is advancing regional gas infrastructure projects, including the Trans-Saharan Gas Pipeline, the Africa-Atlantic Gas Pipeline and the Nigeria-Equatorial Guinea Gas Pipeline, as part of efforts to strengthen energy security, regional integration and economic growth across Africa.
NNPC Remitted N19.5tn to Federation Account in 15 Months, Saved $3.4bn Through Contract Optimisation – Ojulari
