The Nigerian National Petroleum Company Limited (NNPC Ltd.) has set a medium-term target of increasing its annual crude trading volume to 430 million barrels as part of efforts to improve returns, strengthen capital efficiency and drive sustainable growth.
Group Chief Executive Officer, Bashir Bayo Ojulari, disclosed this while presenting the company’s performance and strategic outlook following the release of its annual financial results.
Ojulari said NNPC was entering a new phase of transformation, with greater emphasis on commercial performance, operational efficiency, portfolio optimisation and shareholder value creation.
He said that despite softer global oil prices caused by geopolitical tensions, trade frictions and increased supplies from OPEC+ and non-OPEC+ producers, the company recorded a five per cent increase in oil and condensate production, a nine per cent rise in natural gas production and an 11 per cent growth in its equity volumes across oil, condensate and gas.
According to him, increased oil and condensate production was driven largely by new wells, targeted interventions at Oil Mining Lease 13 and improved asset integrity, which contributed about 32,400 barrels per day.
Gas production growth, he added, was supported by stronger output from projects including Uzu field gas and Agbada Non-Associated Gas Train 1, alongside major well interventions and proactive maintenance that improved reliability and operational uptime.
Ojulari said the gas segment recorded double-digit growth, with transmission volumes rising by 18 per cent, sales volumes by 12 per cent and Liquefied Natural Gas volumes by 11 per cent.
However, white-products sales declined by 60 per cent, a development he attributed to the structural change in NNPC’s downstream operations following petrol price deregulation in 2024. He said growth in the crude oil and gas businesses helped cushion the impact.
The improved operating performance translated into stronger earnings and cash generation, with profit after tax rising by 33 per cent to N7.2 trillion and dividends increasing by 35 per cent to N5.8 trillion.
Operating cash flow grew by 16 per cent to N12.8 trillion, while return on equity increased by 200 basis points to 16 per cent.
Ojulari said the results reflected NNPC’s growing cash-generating capacity and commitment to delivering stronger returns to shareholders.
In the upstream segment, he said the company was targeting daily production of three million barrels of oil and condensate and 12 billion standard cubic feet of gas through lower unit operating costs, portfolio rationalisation and increased deepwater production.
NNPC is also targeting annual gas transmission of 960 billion standard cubic feet and gas sales of 1.4 trillion standard cubic feet, supported by investments in infrastructure, liquefied natural gas and gas-based industries.
The GCEO said the company planned to increase annual crude trading volumes to 430 million barrels, expand compressed natural gas and cleaner-energy infrastructure, reposition its shipping business and advance Technical Equity Partnerships aimed at restoring refinery operations.
He added that NNPC would rationalise non-core and underperforming assets while expanding strategic businesses, including power and trading, to improve profitability and strengthen the commercial performance of key assets.
On environmental, social and governance initiatives, Ojulari said NNPC delivered nine new CNG sites, bringing its network to 19 stations; facilitated more than 6,000 cataract surgeries; trained over 300,000 National Youth Service Corps members in financial literacy and workforce readiness; and supported more than 15,000 farmers.
He said the company’s foundation also planted 80,000 trees, while NNPC developed a Net Zero 2050 strategy.
Ojulari said the Petroleum Industry Act had strengthened the company’s commercial focus, adding that governance, transparency, technology, capital discipline, talent development and execution would drive its transformation into a globally competitive energy company.
