The leadership of Bayo Ojulari, as the Group Chief Executive Officer at the Nigerian National Petroleum Company Limited (NNPC Ltd) has resulted in a mega increase in crude oil production to 1.71 million barrels per day, the highest level recorded in five years.

This was detailed in its one-year performance report under Ojulari, made public at the official X handle of the GCEO on Sunday.

He described the report as a demonstration of accountability and measurable progress across the oil giant’s operations.

Providing a breakdown of achievements between April 2025 and April 2026, the company said its upstream subsidiary, NNPC Exploration and Production Limited, also recorded a milestone, reaching an all-time peak production of 365,000 barrels per day in December 2025.

It read, “Oil Production: Increased crude oil production to 1.71 million bpd (highest in five years). NEPL achieved an all-time peak production of 365,000 bpd in December 2025.

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PPLS 2000, 2001 PSC: Executed a model PSC for PPL 2000 & 2001 successfully. The first PSC to include comprehensive terms designed to facilitate the development of deepwater non-associated gas resources.”

The report further highlighted the execution of a new Production Sharing Contract model for oil blocks PPL 2000 and 2001, noting that the framework includes comprehensive terms to unlock deepwater non-associated gas resources, an area long considered underdeveloped in Nigeria’s energy mix.

It also disclosed that it supported the resolution of the long-standing dispute surrounding the former OPL 245 (Zabazaba/Etan) asset, which has now been converted into new Production Sharing Contracts covering PMLS 102 and 103, as well as PPLs 2011 and 2012.

In the gas segment, the company reported major infrastructure milestones, including the completion of the River Niger crossing of the Ajaokuta-Kaduna-Kano pipeline in July 2025, alongside the welding of the entire pipeline network.

It also confirmed the commissioning of the Assa North-Ohaji South processing plant and its connection to the Obiafu-Obrikom-Oben pipeline, a critical link in Nigeria’s domestic gas supply chain.

According to the report, gas supply rose to 7.5 billion standard cubic feet per day in 2025, supported by multiple commercial agreements. These include a Network Exit Agreement between NGIC and Dangote Fertiliser Limited, as well as supply deals involving NGML, Dangote Cement, and the Dangote Refinery.

The company added that it launched a Gas Master Plan in January 2026 and signed additional supply agreements, including one with CNG Ibese, while continuing optimisation work on the Soku gas pipeline infrastructure.

On refining, NNPC Ltd said it had introduced an Incorporated Joint Venture model aimed at repositioning its refineries to operate as commercially viable and self-financing entities.

It also confirmed the consolidation of its 7.25 percent equity stake in the Dangote Refinery, describing the move as critical to safeguarding national energy interests.

The company reiterated its continued crude oil supply to the refinery under the “crude-for-naira” initiative, a policy designed to reduce foreign exchange pressure and stabilise domestic fuel supply.

“Sustained support for Dangote Refinery through crude oil supply under the ‘crude-for-naira’ programme,” it added.

The NNPC Ltd said it strengthened its international footprint through strategic shipping partnerships with global firms, including Stena Bulk and Sonangol, while also launching a new crude grade, Cawthorne. It added that its Oleum lubricant brand had been expanded into the West African subregion.

In terms of project development, the company disclosed that it secured presidential approval for incentives aimed at unlocking the Final Investment Decision on the Bonga South West Aparo project under the OML 118 Production Sharing Contract.

Additionally, it signed a tripartite Memorandum of Understanding with China Gas Holding Limited and Peiyang Chemical Singapore PTE Ltd to accelerate gas commercialisation.

A major highlight of the report is the resumption of full monthly remittances to the Federation Account Allocation Committee since July 2025.

The NNPC Ltd added that it had also reintroduced monthly performance reporting and held its first-ever earnings call in November 2025, moves seen as part of efforts to improve transparency and investor confidence.

“Transparency: Reinstated monthly performance reporting. Held NNPC Limited’s first earnings call in November 2025. FAAC Remittances: Resumed full monthly payment into the Federation Account and continued consistent payment since July 2025.”

On human capital development, the company said it onboarded 1,000 new employees, dubbed “The Tigers,” and launched a new performance management system to drive efficiency and accountability. It also inaugurated the Women in NNPC programme to enhance gender inclusion and leadership opportunities.

The firm noted that it had embarked on a major internal restructuring under its “Fit4Future” initiative, aimed at transforming it into a globally competitive, profit-driven energy company.

Commenting on the report, Ojulari said the company’s performance reflects deliberate efforts to reposition NNPC Ltd as a transparent and results-driven organisation.

He stated, “Over the past year, we have delivered steady progress against our mandate, with measurable results across production, financial performance, infrastructure, and organisational culture.

“But this is more than a report on targets met. It is a statement of accountability to every Nigerian. At NNPC Limited, we are committed to leading with purpose, putting our best foot forward to build a more prosperous and sustainable energy future for our country.”

The NNPC Ltd transitioned into a fully commercial entity under the Petroleum Industry Act, with expectations to operate profitably while maintaining transparency and contributing to national revenue.

However, the company has faced scrutiny in recent years over oil theft, declining production, and delays in remittances to the Federation Account.

The latest report signals a strategic shift, particularly with the recovery in production levels, renewed focus on gas as a transition fuel, and reforms in refinery operations.

The sustained implementation of the “crude-for-naira” policy and deeper collaboration with private sector players such as the Dangote Group are also seen as critical to stabilising Nigeria’s downstream sector and reducing dependence on fuel imports.

Ojulari was appointed on April 2, 2025, following the dissolution of the NNPC board and the removal of his predecessor, Mele Kyari, in what the presidency described as a strategic overhaul aimed at repositioning the national oil company.

The decision was part of a broader effort to improve operational efficiency, boost crude oil production, and restore investor confidence in the sector.

Ojulari, a seasoned petroleum engineer, brought decades of industry experience into the role, having previously served as Managing Director of Shell Nigeria Exploration and Production Company and later as Chief Operating Officer at Renaissance Africa Energy.