The Nigerian National Petroleum Company Limited (NNPC) says it remitted ₦19.5 trillion to the Federation Account between April 2025 and June 2026, while also recording significant improvements in production and operational efficiency.
Group Chief Executive Officer of NNPC, Bayo Ojulari, disclosed this during the 2026 Nigeria Oil and Gas Energy Week in Abuja. He said the company achieved cost savings of 3.4 billion dollars through contract restructuring and optimisation within the period.
According to him, oil production increased by six per cent year-on-year to 569.7 million barrels, while gas production rose by 8.1 per cent to 2.576 billion standard cubic feet. He added that crude oil production has reached 1.71 million barrels per day, the highest level recorded in five years.
Ojulari also disclosed that NNPC recorded an average recovery rate of 98 per cent across its five crude oil export terminals and maintained full compliance with Joint Venture cash call obligations throughout 2025 and up to June 2026.
He attributed the growth in gas output to the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano Gas Pipeline and the commissioning of the ANOH Gas Processing Plant. The company, he said, remains committed to supporting Nigeria’s target of producing two million barrels of crude oil per day.
Also speaking at the event, Olu Verheijen said Nigeria’s ongoing energy reforms are restoring investor confidence. She disclosed that more than 10 billion dollars in Final Investment Decisions have been secured in the last three years, while over 50 billion dollars worth of investments are currently in the pipeline.
She noted that the government is targeting crude oil production of three million barrels per day and gas production of 10 billion standard cubic feet per day by the end of the decade through policy reforms, fiscal incentives and improved regulatory certainty.
The latest figures highlight improved performance in the oil and gas sector and are expected to boost government revenue, strengthen fiscal stability and attract further investment into Nigeria’s energy industry.
