en.Wedoany.com Reported - Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bashir Bayo Ojulari, called for enhanced industry collaboration to unlock Africa's energy potential during the 25th NOG Energy Week. He also announced multiple recent developments in the company's operational, commercial, and financial performance.
Delivering a keynote address at the opening ceremony of the NOG Energy Week in Abuja, Ojulari emphasized that partnerships remain key to driving investment, industrialization, and sustainable growth. He revealed that between April 2025 and May 2026, the average recovery rate across NNPC Ltd's five crude oil export terminals reached 98%, compared to a low of approximately 1% at the Bonny Oil and Gas Terminal in June 2022. Nigeria's crude oil production has risen to 1.71 million barrels per day, a five-year high, with NNPC Exploration and Production Limited (NEPL) achieving a record output of 365,000 barrels per day. In terms of natural gas production, output reached 7.5 billion standard cubic feet per day, driven by the successful crossing of the Niger River by the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the commissioning of the ANOH gas processing plant.
Ojulari stated that NNPC Ltd had 100% complied with all joint venture cash call obligations from the full year of 2025 through June 2026, and continued to drive towards the target of 2 million barrels of crude oil per day. Since the last NOG Energy Week, the company has signed Gas Sales and Purchase Agreements (GSPAs) covering 1.29 billion standard cubic feet per day of long-term LNG feedstock gas and 750 million standard cubic feet per day of domestic industrial gas supply, with suppliers DFL FZE and Dangote Refinery. These agreements involve related investments exceeding $20 billion, with seven additional commercial transactions in the pipeline. He added that NNPC Ltd resumed full monthly remittances to the Federation Account in July 2025, reinstated monthly business performance reports, and held its first earnings call in November 2025.
Ojulari urged stakeholders to shift from transactional relationships to strategic partnerships, from isolated projects to integrated value chains, and from exporting raw materials to building competitive industrial economies. He stated that NNPC Ltd views itself not only as an energy producer but as an ecosystem builder, connecting capital, technology, policy, talent, and markets. He noted that fragmented collaboration is one of the biggest obstacles to Africa's energy transition, with weak links between resource owners and operators, investors and projects, innovation and execution, and policy and capital continuing to constrain growth. Despite Africa holding approximately 17% of global gas reserves and abundant oil and renewable energy resources, it attracts only a fraction of global energy investment.
He called on governments, national oil companies, investors, regulators, financiers, academia, and service providers to work together to position Africa as a hub for global energy investment, technology, and value creation. Ojulari concluded: "The future of Africa's energy depends not only on what lies beneath our ground, but on the quality of the partnerships we build above it. The opportunity before us is extraordinary. The responsibility is on our shoulders. The time to act is now."
The 25th NOG Energy Week is Africa's premier oil, gas, and energy conference and exhibition, bringing together global energy leaders, policymakers, investors, and innovators to discuss the future of energy, sustainability, and industrial growth in Nigeria and Africa.
