The Nigerian National Petroleum Company Limited (NNPC) has stated that its crude oil trading has risen to a five-year high of 1.71 million barrels per day (mbd) within the last one year under the watch of its Group Chief Executive, Bayo Ojulari.
This is contained in NNPC’s newly released One-Year Mandate Report covering April 2025 to April 2026.
The report highlights several significant achievements in Nigeria’s oil and gas sector during this period.
Oil Production
According to the report, the NNPC Exploration and Production Limited (NEPL), the upstream subsidiary of the national oil company, achieved an all-time production peak of 365,000 bpd in December 2025.
It also indicated that the company successfully executed a model Production Sharing Contract (PSC) for Petroleum Prospecting Licence (PPL) 2000 and 2001, being “the first PSC to include comprehensive terms designed to facilitate the development of deep-water non-associated gas resources”, the report stated.
Resolution of Legacy Disputes
The company successfully resolved the long-standing dispute over Oil Prospecting Lease (OPL) 245 (Zabazaba/Etan project), converting the asset into a new Production Sharing Contract (PSC) to unlock future investment. This, according to the report, includes new PSCs for PML 102 and 103 and PPLs 2011 and 2012.
Strategic Partnerships
The NNPC detailed its role in boosting domestic refining capacity through its partnership with the Dangote Refinery, including the implementation of the “crude-for-naira” programme and the consolidation of a 7.25 per cent equity stake in the facility.
Gas Production
On gas production, the company highlighted achievements such as the completion of the Ajaokuta-Kano-Kaduna (AKK) River Niger crossing and welding of the gas pipeline facility in July 2025.
The company also commissioned Assa North-Ohaji South (ANOH), a gas processing plant, and the Obiafu-Obirikom-Oben (OB3) pipeline connection.
It also stated that the gas supply closed the year 2025 at 7.5 billion standard cubic feet of gas per day (BSCF/d).
The company also executed a Network Exit Agreement (NEXA) between Nigeria Infrastructure Gas Company (NGIC) and Dangote Fertiliser Limited.
It also executed a supply agreement between NGML and Dangote Cement and Dangote Refinery.
The report also hinted at the optimisation of the infrastructure and operational efficiency of the Soku gas field and its associated pipelines to boost gas production, reduce flaring, and maximise commercial deliveries, particularly to the Nigeria LNG (NLNG) project.
NNPC also launched its Gas Master Plan in January 2026, aimed at transforming Nigeria into a competitive gas-driven economy by accelerating domestic gas utilisation and achieving 10 BCF/D production by 2027.
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NNPC also signed new gas supply deals with CNG Ibese in Ogun State to accelerate the industrial transition to cleaner, more cost-effective energy.
Commenting on the latest report, Ojulari said it reveals that the company under him has delivered steady progress against its mandate “with measurable results across production, financial performance, infrastructure, and organisational culture”.
The achievement of 1.71 mbd aligns with earlier statements by the NNPC’s GCEO, Bayo Ojulari, who noted in late 2025 that production had surpassed 1.7 mbd, up from approximately 1.5 mbd in the previous year. This growth is attributed to improved security in the Niger Delta and a reduction in crude oil theft.
Looking ahead, the NNPC is targeting an increase to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. The 2026 budget benchmark is set at 1.84 mbd, a target the NNPC has expressed confidence in achieving.
However, some analysts have offered more conservative outlooks, projecting production to stabilise between 1.7 and 1.8 mbd in 2026, which contrasts with the more optimistic government targets of 2.5 mbd.
Monthly oil production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) show that Nigeria failed to meet the target in the first quarter of 2026. The country produced 1.63 million bpd (including crude oil and condensate) in January, 1.48 million bpd in February, and 1.55 million bpd in March.
Aside from meeting the budget target, the country has also failed to reach the 1.5 million bpd of crude oil quota set by the Organisation of Petroleum Exporting Countries (OPEC), raising concerns about revenue losses amid the current oil windfalls.
Despite the current output, NNPC remains optimistic about achieving the medium and long-term targets for oil production.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X