NNPC Commits 186,000 BPD to Debt Repayment in 2025

The Nigerian National Petroleum Company Limited (NNPC Ltd) has committed more than 186,000 barrels per day of future crude production to debt repayment under three crude-backed financing arrangements, as detailed in the 2025 Audited Financial Statements. These projects—Project Gazelle, Project Leopard, and Project Leopard II—account for N8.13 trillion in financing.

NNPC has settled N2.886 trillion of its total N12.083 trillion obligations, leaving approximately N9.8 trillion outstanding. Project Gazelle, initiated in December 2023, involves a five-year forward-sale agreement committing 90,000 barrels per day, with N4.9 trillion drawn and N2.81 trillion remaining.

Project Leopard, with a N3.05 trillion facility, was fully drawn by February 2025, leaving N2.47 trillion outstanding. Project Leopard II, also fully drawn by December 31, 2025, has a commitment of 61,250 barrels per day, with repayment starting in June 2026.

The arrangements are part of NNPC's strategy to manage its financial obligations while ensuring liquidity for operations.