Nigeria’s crude oil production has risen to about 1.71 million barrels per day, the highest level recorded in five years.
Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, disclosed this while presenting the company’s one-year performance scorecard at the opening ceremony of the 25th NOG Energy Week in Abuja.
He also stated that the NNPC Exploration and Production Limited attained a record production of 365,000 barrels per day.
According to Ojulari, the company’s long-term target is to raise crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
On gas, he said the NNPC projects total gas production to increase from about 7.62 billion cubic feet per day this year to 10 billion cubic feet per day in 2027 and 12 billion cubic feet per day by 2030.
The GCEO attributed the improvements in production largely to enhanced operational stability and infrastructure recovery across the country’s oil-producing assets.
He disclosed that Nigeria’s crude export terminals had recorded an average recovery factor of 98 per cent between April 2025 and May 2026, compared to operational lows of barely one per cent at the Bonny Oil and Gas Terminal in June 2022.
Ojulari also announced that NNPC maintained 100 per cent compliance with all Joint Venture cash-call obligations throughout 2025 and into June 2026, describing the development as critical to sustaining investor confidence and accelerating project execution.
He noted, however, that while NNPC had fully met its financial obligations, some Joint Venture partners remained in partial or significant default, forcing the national oil company to shoulder additional funding responsibilities in some ventures.
Beyond operational performance, Ojulari highlighted several strategic commercial milestones recorded by the company over the past year, including the signing of the landmark Gas Sale and Purchase Agreements covering 1.29 billion standard cubic feet per day of long-term LNG feed gas and another 750 million standard cubic feet per day for domestic industrial gas supply to DFL FZE and Dangote Refinery.
According to him, the agreements are expected to unlock more than $20bn in associated investments, with seven additional commercial transactions already under negotiation.
He further disclosed that NNPC resumed full monthly remittances to the Federation Account in July 2025, reinstated monthly business performance reporting and hosted its first-ever earnings call in November 2025 as part of efforts to deepen transparency and strengthen investor confidence.
