The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has saved $3.4 billion through an aggressive contract restructuring and optimisation programme, while remitting ₦19.5 trillion to the Federation Account over the past 14 months.
Group Chief Executive Officer, Bayo Ojulari, disclosed the figures during the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week in Abuja, where he presented the company’s latest performance scorecard. According to him, the cost savings were achieved between April 2025 and July 2026 through reforms aimed at improving operational efficiency, eliminating waste and strengthening commercial discipline across NNPC’s operations.
Ojulari said the reforms also translated into higher returns for the government, with NNPC’s remittances to the Federation Account reaching ₦19.5 trillion, representing a 21.8% year-on-year increase. He added that the company recorded a six per cent rise in crude oil production and an 8.1 per cent increase in gas production during the review period, alongside maintaining full compliance with its joint venture cash call obligations.
The NNPC boss noted that Nigeria’s crude oil production has climbed to 1.71 million barrels per day, the highest level recorded in five years, while NNPC Exploration and Production Limited (NEPL) achieved a record output of 365,000 barrels per day. He said the company remains focused on raising national crude production to 2 million barrels per day by 2027 through strategic partnerships, infrastructure upgrades and continued investment in upstream operations.
The announcement comes amid broader efforts by the Federal Government to reform the oil and gas sector, improve efficiency and increase public revenue. Industry stakeholders described the figures as a positive signal for Nigeria’s energy sector, while noting that sustaining production growth and attracting fresh investment will remain critical to achieving the country’s long-term economic objectives.
