Ojulari recounts 1yr achievements, as oil production hits five year high

Group Chief Executive Officer (GCEO) of the NNPC Limited, Bayo Ojulari has recounted his achievements within the past one year.

Ojulari highlighted his achievements in the company’s One-Year Mandate Report (April 2025 – April 2026) released over the weekend.

According to the report, the state-owned energy giant reported that crude oil trading has surged to 1.71 million barrels per day (bpd), the highest level recorded in five years. A significant driver of this growth was the performance of its flagship upstream subsidiary, NEPL, which achieved an all-time peak production of 365,000 bpd in December 2025.

On the regulatory front, NNPC successfully moved to unlock billions in potential investment by resolving the long-standing OPL 245 (Zabazaba/Etan) dispute. The asset has now been converted into a new Production Sharing Contract (PSC), clearing the path for deepwater development.

The report also revealed that the company executed a model PSC for deepwater non-associated gas, the first of its kind aimed at incentivizing the extraction of gas from Nigeria’s deep offshore fields.

NNPC Limited further consolidated its 7.25% equity stake in the Dangote Refinery, framing it as a move to ensure national energy security.