The Nigerian National Petroleum Company (NNPC) Limited says it remitted ₦19.5 trillion to the Federation Account between April 2025 and June 2026, while recording significant improvements in oil and gas production.
Speaking at the 2026 Nigeria Oil and Gas Energy Week in Abuja, NNPC Group Chief Executive Officer, Engr. Bayo Ojulari, said the company also saved $3.4 billion through contract restructuring and operational optimisation during the period.
Ojulari revealed that crude oil production increased by 6% year-on-year to 569.7 million barrels, while gas production rose by 8.1% to 2.576 billion standard cubic feet. He added that Nigeria's crude oil output has climbed to 1.71 million barrels per day, the highest level recorded in the last five years.
According to him, NNPC Exploration and Production Limited (NEPL) achieved a record production of 365,000 barrels per day, while gas production reached 7.5 billion standard cubic feet per day, supported by the completion of the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline River Niger crossing and the commissioning of the ANOH Gas Processing Plant.
Ojulari also stated that NNPC maintained 100% compliance with Joint Venture cash call obligations throughout 2025 and into June 2026, as the company continues working toward Nigeria's target of producing 2 million barrels of crude oil per day.
In her keynote address, the Special Adviser to the President on Energy, Olu Verheijen, said ongoing reforms in the energy sector have restored investor confidence, attracting more than $10 billion in Final Investment Decisions (FIDs) over the past three years, with an additional $50 billion worth of projects currently in the investment pipeline.
She said the Federal Government aims to increase Nigeria's crude oil production to 3 million barrels per day and gas production to 10 billion standard cubic feet per day before the end of the decade through regulatory reforms, fiscal incentives, and improved investment policies.
Also speaking, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria's 215 trillion cubic feet of proven gas reserves provide a strong foundation for industrial growth. He noted that key projects, including the AKK and OB3 gas pipelines, the Nigeria LNG Train 7 project, and the Presidential Compressed Natural Gas (CNG) Initiative, are expected to boost domestic gas use, increase LNG exports, reduce transportation costs, and strengthen regional energy cooperation across Africa.
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