The Nigerian National Petroleum Company Limited (NNPC Limited) has announced a significant increase in the country's crude oil production. According to the company, reforms in Nigeria's oil and gas sector have led to an addition of 600,000 barrels per day, raising national crude oil production from about 1.2 million barrels per day to 1.8 million barrels per day. This development places the country in a stronger position to attract international energy capital.
Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, made this known while speaking at an Energy Talk titled “Nigeria’s Reform Agenda: Competing for Energy Capital”, at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), in Abu Dhabi, UAE. Ojulari attributed the output growth to the implementation of the Petroleum Industry Act (PIA, 2021), improved investment climate, better investment decisions, and closer collaboration between NNPC Limited and its partners.
The company is working towards its 2 million barrels per day ambition by 2027. In addition to the increase in oil production, the removal of the petrol subsidy has been accompanied by a major compressed natural gas (CNG) programme. Over 400 CNG conversion centres have been established, and more than 1,000 trucks that move petroleum products now run on CNG. This development is expected to have a positive impact on the country's energy sector.
NNPC Limited's Board and management are working hard to meet the company's projections as set out in the mandate given to it by President Bola Ahmed Tinubu. The company targets national gas production of 10 billion standard cubic feet per day (Bcf/d) by 2027 and 12 Bcf/d by 2030. This is supported by the development of domestic and export markets for Nigerian gas.
The company's commitment to execution excellence and transparency was reaffirmed by Ojulari. He cited two consecutive earnings calls held by NNPC Limited as an example of the company's efforts to improve transparency. This move is expected to boost investor confidence in the company and the country's energy sector.
The increase in oil production is a significant development for Nigeria's economy, which is heavily reliant on oil revenue. The country's oil and gas sector plays a crucial role in its economic growth, and the reforms implemented are expected to have a positive impact on the sector. The NNPC Limited's efforts to improve transparency and collaboration with its partners are also expected to contribute to the sector's growth.
The company's projections for national gas production are ambitious, but achievable. With the development of domestic and export markets for Nigerian gas, the country is expected to become a major player in the global gas market. The NNPC Limited's commitment to execution excellence and transparency will be crucial in achieving these projections and attracting international energy capital.
Key points
- Nigeria's oil production has increased to 1.8 million barrels per day due to reforms in the oil and gas sector.
- The country is working towards its 2 million barrels per day ambition by 2027.
- NNPC Limited targets national gas production of 10 billion standard cubic feet per day (Bcf/d) by 2027 and 12 Bcf/d by 2030.
