The Nigerian National Petroleum Company (NNPC) Limited has committed more than 186,000 barrels of crude oil per day from future production to meet obligations under crude-backed financing arrangements, highlighting the amount of future oil revenue already tied to existing commitments.
The disclosure is contained in NNPC’s 2025 audited financial statements, which show that the company had about ₦8.25 trillion in liabilities linked to forward crude oil sale agreements at the end of 2025.
The figure formed the bulk of N8.69 trillion in contract liabilities recorded by the national oil company.
The commitments are linked to financing arrangements under projects including Gazelle, Leopard and Leopard II, through which NNPC raised funds against future crude production.
Under Project Gazelle, NNPC entered a five-year forward crude sale arrangement in December 2023, committing 90,000 barrels per day. It drew ₦4.9 trillion from a ₦5.1 trillion facility and had repaid ₦2.09 trillion in principal by the end of 2025, leaving about ₦2.81 trillion outstanding.
Project Leopard involved a ₦3.05 trillion facility, which was fully drawn by February 2025, according to details reported from the financial statements. Together, Gazelle and Leopard account for about ₦8.13 trillion in crude-backed financing.
The financial statements also show that NNPC incurred about ₦847.6 billion in interest relating to contract liabilities during the year.
Beyond the crude-backed arrangements, NNPC had entered into wider commitments covering crude oil forward sales, gas supply agreements and upstream project funding. Of an aggregate ₦12.083 trillion commitment under the arrangements at December 31, 2025, about ₦2.886 trillion had been settled, leaving roughly ₦9.8 trillion outstanding.
The latest disclosure therefore puts a figure on the volume of future crude production already committed to financing obligations, with more than 186,000 barrels per day earmarked under the arrangements.