KEY POINTS
- NNPC crude trading rose to 1.171mbpd, the highest in five years under its current leadership.
- Major gas and oil infrastructure projects, including AKK and ANOH, recorded significant progress.
- The company expanded partnerships, refined refinery strategy, and sustained crude-for-naira supply to Dangote Refinery.
The Nigerian National Petroleum Company Limited, NNPC, has recorded its strongest crude oil trading performance in five years, reaching about 1.171 million barrels per day (mbpd) under the leadership of Group Chief Executive Officer Engr. Bashir Bayo Ojulari.
The performance milestone was disclosed in the company’s one-year report covering April 2025 to April 2026, highlighting improved production efficiency and expanded operational output across key segments.
The company’s upstream subsidiary, NNPC Exploration and Production Limited, also posted a historic output level, reaching 365,000 barrels per day in December 2025, its highest production figure to date.
NNPC said the achievement reflects ongoing reforms aimed at improving field performance and unlocking dormant capacity across oil assets.
Major PSC Deals and Asset Restructuring
During the review period, the company successfully executed Petroleum Prospecting Licences (PPLs) 2000 and 2001 under a Production Sharing Contract (PSC) model.
It noted that this was the first PSC arrangement designed to support deepwater non-associated gas development, marking a shift toward more gas-focused exploration strategy.
The firm also resolved long-standing disputes around OPL 245 (Zabazaba/Ethan project), leading to its restructuring into new PPLs, including PMLs 102, 103 and PPLs 2011 and 2012.
The report highlighted new agreements and partnerships, including a Network Exit Agreement between NGIC and Dangote Fertilizer Limited, as well as a gas supply deal involving NNPC Gas Marketing Limited and the Dangote Refinery.
NNPC also expanded its shipping partnerships with Stena Bulk and Sonangol, boosting export logistics and crude movement efficiency.
In addition, the company introduced a new crude grade export, “Cawthorne,” and expanded its Oleum lubricant brand into the West African market.
NNPC confirmed continued support for the domestic refining sector through crude supply under the “crude-for-naira” initiative, particularly benefiting the Dangote Refinery.
The company also stated that it has resumed full monthly remittances into the Federation Account, with consistent payments maintained since July 2025.
