Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has said the firm signed several landmark gas sale and purchase agreements (GSPAs) since the NOG Energy Week 2025.
Speaking at the 25th NOG Energy Week 2026 in Abuja, Ojulari stated that the gas deals, signed in the last 12 months are worth $20 billion.
“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 has reduced its operating costs by $3.4 billion through contract restructuring and optimisation.
“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 added that Nigeria’s crude oil production had increased to about 1.71 million barrels per day (bpd), the highest level recorded in five years, while the NNPC Exploration and Production Limited attained a record production of 365,000 bpd.
He stated that NNPC attained an average 98 percent recovery across its five crude oil export terminals between April 2025 and May 2026.
The recovery, Ojulari said, was a major improvement from operational lows of about one percent at the Bonny oil and gas terminal in June 2022.
The GCEO said the company’s long-term target is to raise crude oil production to 2 million bpd by 2027 and 3 million barrels per day by 2030.
Ojulari said NNPC expects total gas production 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.
