NNPC Limited records production gains, reforms, and improved transparency in one-year review —Bayo Ojulari

Business

ABUJA, Nigeria (NPA) — The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, has highlighted the company’s performance over the past year, citing significant progress across oil and gas production, infrastructure, financial transparency, and organisational reforms.

Presenting the April 2025–April 2026 One Year Mandate Report Summary, Ojulari said the national oil company delivered “steady progress” with measurable results aligned with its strategic objectives.

“Over the past year, we have delivered steady progress against our mandate, with measurable results across production, financial performance, infrastructure, and organisational culture,” he said, describing the report as a demonstration of accountability to Nigerians.

A breakdown of achievements across its key areas of operation is as follows:

Oil and Production Growth

NNPC reported an increase in crude oil trading to 1.71 million barrels per day (bpd)—its highest level in five years. The company’s upstream subsidiary, the NNPC Exploration and Production Limited, also recorded a peak production of 365,000 bpd in December 2025.

The report noted the successful execution of Production Sharing Contracts (PSCs) for PPL 2000 and 2001, described as the first to include comprehensive terms aimed at unlocking deepwater non-associated gas resources.

NNPC further disclosed progress on the long-disputed OPL 245, stating that the issue had been resolved and converted into new PSCs covering PMLs 102 and 103, as well as PPLs 2011 and 2012.

Gas Infrastructure and Supply

In the gas segment, the company announced the completion of the River Niger crossing of the Ajaokuta–Kaduna–Kano Pipeline in July 2025, alongside the commissioning of the Assa North–Ohaji South Gas Processing Plant and its integration with the Obiafu-Obrikom-Oben (OB3) pipeline.

Gas supply reached 7.5 billion standard cubic feet per day (bscf/d) in 2025, supported by key agreements, including a Network Exit Agreement between NGIC and Dangote Fertilizer Limited, as well as supply deals involving Dangote Cement and the Dangote Refinery.

NNPC also advanced the Soku Pipeline optimisation project, launched its Gas Master Plan in January 2026, and signed additional gas supply agreements, including those involving compressed natural gas (CNG).

Refinery Reforms and Investments

On refining, NNPC said it introduced an Incorporated Joint Venture (IJV) model aimed at enabling its refineries to operate as self-financing, globally competitive entities.

The company also confirmed its 7.25 per cent equity stake in the Dangote Refinery, describing the investment as strategic to safeguarding national energy interests.

Partnerships and Market Expansion

The report highlighted expanded international and regional partnerships, including shipping agreements with global firms such as Stena Bulk and Sonangol.

NNPC also recorded the export of a new crude grade, Cawthorne, and the expansion of its Oleum lubricant brand across West Africa.

In addition, the company secured presidential approval for incentives under the OML 118 BSWAP project to support the Final Investment Decision on the Bonga South West Aparo project.

It also sustained crude oil supply to the Dangote Refinery under the “crude-for-naira” arrangement and signed a strategic Memorandum of Understanding with China Gas Holdings Limited and Peiyang Chemical Singapore Pte Ltd to boost gas development.

Financial Transparency and Remittances

On financials, NNPC said it reinstated monthly performance reporting and held its first-ever earnings call in November 2025.

The company also resumed full monthly remittances to the Federation Account Allocation Committee (FAAC), maintaining consistent payments since July 2025.

Workforce and Organisational Reforms

Ojulari noted improvements in health, safety, and environmental (HSE) performance, alongside the recruitment of 1,000 new employees, dubbed “The Tigers.”

The company also introduced a new performance management system to enhance efficiency and accountability and launched the Women in NNPC (WIN) programme to promote inclusion and leadership development.

On organisational restructuring, NNPC said it initiated a major transformation under its “Fit4Future” agenda, aimed at repositioning the company as a globally competitive, profit-driven enterprise focused on execution excellence, sustainable growth, and long-term value creation.

Ojulari reaffirmed NNPC’s commitment to transparency, operational efficiency, and delivering a sustainable energy future for Nigeria.