The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has saved $3.4 billion through a major contract restructuring and cost optimisation programme, while also recording its highest crude oil production in five years.
The announcement was made by the Group Chief Executive Officer, Bashir Bayo Ojulari, during the opening of the 25th NOG Energy Week in Abuja, where he presented the company’s one-year performance scorecard.
According to Ojulari, the cost savings were achieved without slowing operations, proving that greater efficiency—not increased spending—can deliver better results for the nation’s oil and gas sector.
He revealed that crude oil production increased by six per cent to 569.7 million barrels, while gas production rose by 8.1 per cent to 2,576 billion standard cubic feet over the review period.
The NNPC boss also disclosed that the company’s contribution to government revenue climbed by 21.8 per cent, reaching ₦19.5 trillion.
“We have achieved a six per cent increase in crude oil production, an 8.1 per cent increase in gas production, delivered ₦19.5 trillion in government take and successfully reduced costs by $3.4 billion through contract restructuring and optimisation,” Ojulari said.
He added that Nigeria’s daily crude oil production has now reached about 1.71 million barrels per day, the highest level recorded in five years, with a target of increasing output to two million barrels per day by 2027 and three million barrels per day by 2030.
Ojulari attributed the improvements to enhanced security, infrastructure recovery and improved operational efficiency across the country’s oil-producing assets.
He also disclosed that all major crude oil evacuation pipelines are now fully operational, while export terminals have recorded an average recovery rate of 98 per cent, boosting confidence among investors and international buyers.
Beyond production, the NNPC boss said the company had signed major gas supply agreements expected to attract more than $20 billion in investments and has resumed full monthly remittances to the Federation Account while strengthening transparency through regular business performance reporting.
He called for stronger collaboration among governments, investors and industry stakeholders to unlock Africa’s energy potential and drive long-term economic growth.
