NNPCL Signs $20 Billion Gas Deal as Oil Output Reaches 1.7m BPD

The Nigerian National Petroleum Company Limited (NNPCL) has signed a $20 billion Gas Sale and Purchase Agreement (GSPA) that will cover 1.29 billion standard cubic feet of gas per day. This agreement was announced during the Nigeria Oil and Gas Energy Week in Abuja by Engr. Bashir Bayo Ojulari, the Group Chief Executive Officer of NNPCL.

The company reported that oil production has risen to 1.7 million barrels per day, the highest level in five years, following various reform initiatives. The increase in production is attributed to successful projects, including the completion of the River Niger cross Ajaokuta-Kaduna-Kano gas pipeline and the commissioning of the ANOH gas processing plant.

Ojulari emphasized the need for collaboration among stakeholders to unlock Africa's energy potential and highlighted the importance of compliance with the Petroleum Industry Act (PIA) to sustain production momentum.