NNPC Limited saves $3.4 billion through contract review, boosts oil and gas production
via Punch Nigeria5 min read
The Nigerian National Petroleum Company Limited NNPC Limited has reduced its operating costs by $3.4 billion through an aggressive contract restructuring and optimization program, according to Group Chief Executive Officer Bayo Ojulari. This achievement was highlighted during the presentation of the company鈥檚 one-year performance scorecard at the 25th NOG Energy Week in Abuja. The cost savings were made without slowing operations, demonstrating a focus on efficiency to deliver value to the Federation and investors. Ojulari reported a six percent increase in crude oil production to 569.7 million barrels year-on-year and an 8.1 percent rise in gas production to 2,576 billion standard cubic feet. The company's contribution to government revenue increased by 21.8 percent to N19.5 trillion. Nigeria's crude oil production has reached approximately 1.71 million barrels per day, the highest in five years, with NNPC Exploration and Production Limited achieving a record 365,000 barrels per day. The long-term target is to raise crude oil production to two million barrels per day by 2027 and three million barrels daily by 2030. Gas production is projected to increase from about 7.62 billion cubic feet per day this year to 10 billion cubic feet daily in 2027 and 12 billion cubic feet per day by 2030. These improvements are attributed to enhanced operational stability and infrastructure recovery, with crude export terminals recording an average recovery factor of 98 percent between April 2
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