The Nigerian National Petroleum Company (NNPC) Limited said it saved a staggering $3.4 billion over the past year by aggressively restructuring and optimizing its joint venture and production sharing contracts.
Bayo Ojulari, Group chief executive officer disclosed this at the NOG conference in Abuja on Tuesday, stating that the company also recorded an average 98 percent recovery across its five crude oil export terminals between April 2025 and May 2026, compared with operational lows of about one per cent at the Bonny Oil and Gas Terminal in June 2022.
Ojulari also announced that Nigeria’s crude oil production has risen to 1.71 million barrels per day—the highest level in five years—while NNPC Exploration and Production Limited (NEPL) achieved a record production of 365,000 barrels per day.
He added that 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.
According to him, NNPC Ltd maintained 100 per cent compliance with all Joint Venture cash call obligations throughout 2025 and up to June 2026, while sustaining its drive toward achieving crude oil production of two million barrels per day.
