NNPC Saves $3.4bn, Remits N19.5tn in 14 Months

The Nigerian National Petroleum Company Limited (NNPC) disclosed that it saved $3.4 billion through contract restructuring and remitted N19.5 trillion to the Federation Account over a 14-month period. Group Chief Executive Officer Bayo Ojulari made this announcement during the 25th Nigeria Oil and Gas (NOG) Energy Week in Abuja, emphasizing ongoing reforms aimed at improving operational efficiency, reducing costs, and strengthening partnerships.

NNPC maintained full compliance with its joint venture cash call obligations, while its partners recorded a compliance rate of only 61 percent across 27 joint ventures. The report indicated a 21.8 percent year-on-year increase in government revenue, alongside a 6 percent increase in crude oil production.

Ojulari also mentioned several strategic partnerships concluded at the conference, including long-term gas supply agreements and investments in deepwater projects valued at $20 billion.