The Nigerian National Petroleum Company (NNPC) Limited said it has slashed operational costs by $3.4 billion between April 2025 to April 2026. The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, who disclose this in his presentation at the Nigeria Oil and Gas Energy Week in Abuja, said the cost reduction was possible through contract restructuring and optimisation. Reviewing the company’s performance from April 2025 to April 2026, Ojulari unveiled a sweeping turnaround in production metrics, cost efficiencies, and infrastructure availability under the strategic theme of enabling Nigeria’s energy future. According to him, the company’s interventions have translated into tangible gains across both liquid and gas portfolios, as crude oil and condensate production climbed to 1.659 million barrels per day in 2026, up from 1.64 million barrels per day in 2025. This represents a steady six percent year-on-year increase, translating to a total of 569.7 million barrels. He said this positive trajectory positions the company to target 1.92 million barrels per day by 2027 and ultimately 2.91 million barrels per day by 2030. Concurrently, gas production witnessed an 8.1 percent year-on-year surge, hitting 2,576 billion standard cubic feet.

Guardian