The Nigerian National Petroleum Company Limited (NNPCL) says it has secured more than $20 billion in gas supply agreements over the past year, as Nigeria's crude oil production climbed to 1.71 million barrels per day, its highest level in five years.
Group Chief Executive Officer of NNPCL, Bashir Bayo Ojulari, disclosed the figures while speaking at the 2026 Nigeria Oil and Gas (NOG) Energy Week in Abuja, describing the agreements as a strong indication of renewed investor confidence in Nigeria's oil and gas industry.
According to Ojulari, the company signed Gas Sale and Purchase Agreements (GSPAs) covering 1.29 billion standard cubic feet per day (scf/d) of long-term LNG feed gas, alongside 750 million scf/d of domestic industrial gas supply for DFL FZE and Dangote Refinery.
He said the company's operational reforms have contributed to a steady improvement in production, with Nigeria's crude output rising to 1.71 million barrels per day, while NNPC Exploration and Production Limited (NEPL) recorded a historic production level of 365,000 barrels per day.
Ojulari also disclosed that Nigeria's gas production has increased to 7.5 billion standard cubic feet per day, supported by the successful completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the commencement of operations at the ANOH Gas Processing Plant.
He said Africa possesses vast oil, gas and renewable energy resources, including about 17 per cent of global natural gas reserves, but continues to attract only a limited share of global energy investment because of weak collaboration across the industry.
According to him, stronger partnerships among governments, regulators, national oil companies, financiers, service providers, researchers and investors are necessary to unlock the continent's full energy potential and position Africa as a competitive destination for global energy capital.
Also speaking at the conference, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated the Federal Government's target of raising Nigeria's crude oil production to 2 million barrels per day.
Lokpobiri said the target remains achievable, noting that Nigeria previously sustained production of about 2.5 million barrels per day, adding that renewed investor interest demonstrates confidence in ongoing reforms within the sector.
The minister maintained that Nigeria would continue to develop its hydrocarbon resources, arguing that fossil fuels remain critical to the country's economic development and energy security despite the global energy transition.
He also described the divestment of onshore assets by international oil companies between 2023 and 2024 as a positive development that enabled indigenous operators to expand their participation in the upstream sector.
According to him, Nigerian independent producers now account for more than 60 per cent of the country's crude oil production, while international oil companies have redirected their investments towards deepwater projects aimed at boosting reserves and long-term production capacity.
Lokpobiri further urged operators to fully comply with the Petroleum Industry Act (PIA) requirement for continuous three-month drilling campaigns, stressing that sustained drilling activities remain essential for replenishing reserves and maintaining production growth.