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The Nigerian National Petroleum Company (NNPC) Limited says it has reduced its operating costs by $3.4 billion through an extensive contract restructuring and optimisation programme, marking one of its biggest efficiency gains since becoming a commercially driven company. Speaking at the opening of the 25th Nigerian Oil and Gas (NOG) Energy Week in Abuja, Group Chief Executive Officer Bashir Bayo Ojulari said the savings were achieved without slowing operations, underscoring the company’s focus on improving efficiency while delivering greater value to the Federation and investors.
According to the company’s one-year performance scorecard, 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. NNPC also reported a 21.8 per cent increase in its contribution to government revenue, remitting ₦19.5 trillion during the review period. Ojulari disclosed that Nigeria’s daily crude oil production has climbed to about 1.71 million barrels per day, the highest level recorded in five years, with a target of reaching two million barrels per day by 2027 and three million barrels per day by 2030.
The NNPC boss added that the company has restored all major crude evacuation pipelines to full operational capacity, maintained 100 per cent compliance with its Joint Venture cash-call obligations, and signed major gas supply agreements expected to unlock over $20 billion in investments. He said the company will continue pursuing strategic partnerships, operational discipline and infrastructure improvements to boost investor confidence and strengthen Nigeria’s position in the global energy industry.
