The Nigerian National Petroleum Company Limited (NNPCLtd) has stated that it signed agreements of more than US$20 billion in Gas Sale and Purchase Agreements (GSPAs) covering 1.29 billion standard cubic feet per day for long-term LNG feed gas and 750 million standard cubic feet per day for domestic industrial gas supply to DFL FZE and Dangote Refinery. Nigerianmarket insights

Speaking at the 2026 Nigeria Oil and Gas (NOG) Energy Week yesterday in Abuja, the Group Chief Executive Officer of NNPL, Engr. Bashir Bayo Ojulari, said the agreements represent confidence investors are placing on the company in reviving Nigeria’s oil production that have faced setbacks in previous years.


He stated that reforms initiated in the company have led to crude oil production rising to 1.71 million barrels per day, which is the highest level in five years.

He added that NNPC Exploration and Production Limited (NEPL) also achieved a record production of 365,000 barrels per day.

He added that gas production reached 7.5 billion standard cubic feet per day, driven by the successful completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the commissioning of the ANOH Gas Processing Plant.

Describing the energy sector as one of the world’s most interconnected industries, Ojulari said no single organisation could unlock Africa’s energy potential alone.

Ojulari identified fragmented collaboration as one of the biggest barriers to Africa’s energy transformation, noting that weak linkages between resource owners and operators, investors and projects, innovation and execution, and policy and capital continue to constrain growth.

Despite holding about 17 per cent of global natural gas reserves alongside vast oil and renewable energy resources, he observed that Africa still attracts only a small share of global energy investment.

He urged governments, national oil companies, investors, regulators, financiers, academia and service providers to work together to position Africa as a global hub for energy investment, technology and value creation.

On his part, the Minister of State for Petroleum, Sen. Heineke Lokpobiri said there is a need to ramp up oil production to 2 million barrels.

He explained that the aim is not ambitious as the country was once making 2.5 million barrels.

“We’ve done 2.5 million barrels a day before. So we can do it again. What we need to do is to work together, under the right circumstances, to do it again. And the pressure is even more on me, because I received delegations from across the world who want to invest in Nigeria.” Nigerianmarket insights

He also said Nigeria won’t abandon fossil fuel anytime soon as it is important for its energy security and economy.

“You will also agree with me when we call an energy crisis. Those who were saying that we should abandon crude oil were those who released their reserves. If this crude oil was bad, why were you keeping reserves? And that’s why I’ve always contended anywhere I have the privilege to visit that this is geopolitics. You guys have used fossil fuels to industrialize. You want us to industrialize without energy? And I said, now, if they don’t feel about energy transition, you should not use us because Africa is accountable to 3% of global emissions but they are responsible for 97%.

He added that 2023–2024 divestment decisions by major international oil companies (IOCs), was a “pro-micro” reform that unlocked onshore and downstream assets for Nigerian independents. Nigerianmarket insights.

He said independents now account for over 60% of Nigeria’s oil production, arguing that the same Nigerian personnel and service base that operated those fields under Shell and other IOCs continue to run them today.

The minister said the move did not see any IOC exit Nigeria; rather, they shifted focus into deeper offshore projects aimed at expanding reserves and long-term production.

He urged all companies to fully comply with the Petroleum Industry Act (PIA) provision for a sustained three-month drilling campaign, describing consistent drilling as essential for regrowing reserves and maintaining production momentum.