NNPC Eyes 3 Million Barrels Per Day as Gas Exports Jump 24%

NNPC Ltd plans to raise oil and condensate production to three million barrels per day and gas output to 12 billion standard cubic feet per day, Group Chief Executive Officer Bashir Bayo Ojulari said while reviewing the company's performance for the year.

The state oil company also reported a 24 per cent rise in gas export volumes, an 18 per cent increase in gas transmission volumes and a 12 per cent growth in gas sales. Liquefied natural gas sales rose 11 per cent.

Production Gains and What Drove Them

Oil and condensate production climbed five per cent during the year, while natural gas production rose nine per cent. Equity volumes across oil, condensate and natural gas rose 11 per cent, reflecting a higher share of production captured by the company.

Ojulari attributed the crude gain mainly to new well additions, targeted interventions at OML 13 and improved asset integrity, which contributed about 32,400 barrels of oil per day. Gas output was supported by stronger performance from the Uzu field gas project, Agbada NAG Train 1 and major well interventions, alongside more proactive maintenance and better asset uptime.

"Looking ahead, our focus is targeting three million barrels per day of oil and condensate and 12 billion standard cubic feet per day of gas," Ojulari said. "Improving profitability and returns across our portfolio remains central to our ambitions."

Profit, Dividends and Cash Flow

The stronger operational run translated into higher earnings. NNPC reported a 33 per cent increase in profit after tax to N7.2 trillion, while dividends rose 35 per cent year on year to N5.8 trillion. Operating cash flow grew 16 per cent to N12.8 trillion, and return on equity rose 200 basis points to 16 per cent.

In the medium term, the company is targeting annual gas transmission of 960 billion standard cubic feet and gas sales of 1.4 trillion standard cubic feet. It also plans targeted investments in infrastructure, LNG and gas-based industries, and a repositioning of its power business.

To fund the push, Ojulari said NNPC is taking deliberate steps to rationalise non-core and underperforming assets, strengthen strategic businesses such as power and trading, and optimise ownership and operating models of key assets, including its refineries. The company is also progressing Technical Equity Partnerships as part of efforts to restore refinery operations.

Cleaner Energy and Wider Environment

NNPC expanded access to cleaner energy with nine new compressed natural gas sites, bringing its network to 19. Its social programmes facilitated more than 6,000 cataract surgeries and provided financial literacy and workforce readiness training to over 300,000 members of the National Youth Service Corps.

Ojulari said the targets were set against improving domestic conditions. He pointed to steady GDP growth, moderating inflation, a stronger and more stable naira and increased foreign capital inflows. Abroad, he said geopolitical tensions, trade frictions and higher supply from OPEC+ and non-OPEC+ producers drove a softer oil price environment in 2025, even as global growth held at about three per cent.

He said NNPC's transformation is anchored on the Petroleum Industry Act, which provides the legal foundation for a more commercially focused organisation, while the company develops a Net Zero 2050 strategy. It supported more than 15,000 farmers with climate-smart agriculture training and planted 80,000 trees during the year.

For Nigeria, the numbers matter on two fronts. Higher crude output supports the federation's dollar earnings at a time of softer prices, while the gas and LNG gains point to a longer-term shift toward non-oil foreign exchange. Whether the three million barrel target is met will depend largely on security of operations and capital discipline across the joint venture assets.