The Nigerian National Petroleum Company Limited (NNPCL) said it is positioned for stronger performance in 2025 and beyond, driven by increased production, expanded gas monetisation, deeper partnerships and aggressive cost-efficiency measures across its operations.
Unveiling the 2024 financials of the company at a strategic meeting with Business Editors in Abuja yesterday, the Group Chief Executive Officer (GCEO) of the NNPCL, Bayo Ojulari, said the company expects revenue growth from both crude oil and gas, supported by new Gas Sales Agreements (GSAs), restructuring in the downstream sector, and renewed investor interest.
The oil firm reported a Profit After Tax of N5.4 trillion on revenue of N45.1 trillion.
Building on this performance, the company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.
The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.
He stated that although last year’s profit benefited significantly from foreign-exchange gains, following Central Bank of Nigeria (CBN) policy changes, such exceptional gains are not expected to recur.
According to the NNPCL chief, the company is instead banking on ‘fundamentals’, operational excellence, technical efficiency, disciplined spending and increased investment to sustain improved results.
He disclosed that NNPCL has already achieved a cost-reduction level of 15–20 per cent this year, emphasising that efficiency is now central to the company’s strategy.
On production, NNPCL said output has risen from about 1.5 million barrels per day last year to around 1.7 million barrels this year, with expectations of reaching 1.8 million barrels per day before the end of the year.
Ojulari noted that the ambitious long-term target of two million barrels per day will depend on investor confidence, stable fiscal conditions and security of oil infrastructure.
The company credited recent improvements in pipeline security in the Niger Delta, enabled by government-supported surveillance partnerships for restoring transparency in production volumes and boosting investor trust. It noted that the pipeline visibility and reduced theft are key enablers of higher output.
On gas, NNPCL highlighted major progress in both export and domestic utilisation.
He said that for the first time, non-shareholder third-party suppliers have been cleared to supply gas to NLNG, unlocking new value chains.
The firm is also expanding Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG) and infrastructure projects aimed at reducing transportation costs, strengthening industrialisation and monetising Nigeria’s vast gas reserves.
