Nigeria's Oil Sector Sees Significant Boost in Production and Investment

The Citizens Forum for Energy Accountability and Development (CFEAD) has commended the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their efforts to restore confidence, increase production, and attract investment in Nigeria's oil and gas sector.

According to CFEAD, the recent achievements announced by NNPC Group Chief Executive Officer Bayo Ojulari and NUPRC Commission Chief Executive Oritsemeyiwa Eyesan demonstrate that sustained institutional reforms and stronger operational discipline can reposition the petroleum industry as a major driver of economic growth.

The group highlighted the signing of gas sale and purchase agreements worth over $20 billion, covering 1.29 billion standard cubic feet per day of long-term LNG feed gas and 750 million standard cubic feet per day of domestic industrial gas supply to DFL FZE and Dangote Refinery, with seven additional commercial transactions in the pipeline.

CFEAD also praised NNPC for reducing operating costs by $3.4 billion through contract restructuring and optimisation, while recording a six percent increase in crude oil production and an 8.1 percent increase in gas production.