The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Olufemi Soneye Ojulari, has briefed President Bola Ahmed Tinubu on the company’s progress toward meeting national oil and gas production targets, confirming steady recovery in output following recent disruptions caused by labour unrest.
Speaking after his meeting with the President, Ojulari said the engagement was an opportunity to update Tinubu on the NNPCL’s operational performance, ongoing investment efforts, and milestones toward the administration’s production goals.
He recalled that the President had given the company a clear mandate to grow crude oil production to at least 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, while also boosting gas output to support Nigeria’s energy transition and industrial growth.
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“We are making good progress. Last month, we recorded 1.68 million barrels per day, the highest in about five years,” Ojulari stated. “In terms of gas, we achieved over 7 billion standard cubic feet per day (BCF/d) — also the highest in recent times.”
He noted that the turnaround maintenance carried out in August and September is already yielding positive results, expressing optimism that oil output will rise further before the end of the year. “By December, we are hoping to clock at least 1.8 million bpd,” he added.
On the recent disruption caused by the PENGASSAN strike, which also affected the Dangote Refinery, the NNPCL boss confirmed that the situation led to significant production losses. “We lost about 200,000 barrels per day and also saw gas production deferred. Power generation dropped by about 1,200 megawatts as a result of the strike,” he said.
Ojulari commended the Federal Government’s swift intervention through the Minister of Labour and the National Security Adviser (NSA), which facilitated dialogue among stakeholders and led to the signing of a communique resolving the impasse. “I’m pleased that all parties are now committed to the agreements reached. Since then, production has largely returned to normal, though we are still working to fully restore output in a few locations,” he explained.
Addressing the recent rise in the price of Liquefied Petroleum Gas (LPG), Ojulari clarified that the increase was temporary and not due to supply shortages. “The price jump was relatively artificial. During the strike, movement and loading were delayed for two to three days, which created a short-term impact. As distribution returns to normal, prices should revert to pre-strike levels,” he assured.
The NNPCL GCEO emphasized that Nigeria’s oil and gas sector remains on course to achieve the President’s long-term growth targets, with renewed investor interest and improved operational stability across production assets.
“Our focus remains on sustaining production growth, attracting global investment, and ensuring that gas becomes a reliable pillar of our economy,” Ojulari concluded.