NNPC Reports $3.4bn Savings and Production Increases

The Nigerian National Petroleum Corporation (NNPC) reported a significant cost saving of $3.4 billion through aggressive contract restructuring and optimization programs, as disclosed by Group Chief Executive Officer Bayo Ojulari on Tuesday during the 25th NOG Energy Week in Abuja. This achievement is part of NNPC's strategy to enhance operational efficiency and commercial discipline.

The report indicated a 6% increase in crude oil production, totaling 569.7 million barrels year-on-year, and an 8.1% rise in gas production, reaching 2.576 billion standard cubic feet. NNPC's contributions to government revenue increased by 21.8%, amounting to ₦19.5 trillion during the review period.

Ojulari emphasized that these cost savings were achieved without compromising operational efficiency, and he outlined NNPC's long-term targets to raise crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030. The report also highlighted improvements in operational stability and infrastructure recovery across Nigeria's oil production assets.