The Nigerian National Petroleum Company Limited (NNPC Ltd) says it remitted almost N16 trillion to the federal government in 2024, covering taxes, royalties, and dividends—its highest annual contribution yet.
In its latest Annual Financial Report, Group Chief Executive Officer Bayo Ojulari outlined major gains across production, sustainability, and governance. The company’s “sustainable procurement” spending rose to N4.46 trillion, reflecting a stronger push toward environmentally responsible and socially aligned operations.
Stronger Production, Higher Output
NNPC reported 202.3 million barrels of crude oil and 1,045.6 billion SCF of natural gas produced in 2024. Its newly established “Production War Room” helped raise national crude and condensate output from a monthly low of 1.44 million bpd in March to 1.70 million bpd by November. The 2025 year-to-date average stands at 1.725 million bpd — the highest in half a decade.
Upstream achievements included first oil from the Utapate (OML 13) and Madu (OML 85) fields, major final investment decisions for Ubeta and Bonga North worth over $5.5 billion, and the streaming of Enwhe and Gbaran gas assets, adding 300 MMscfd to Nigeria’s supply.
Growing CNG Footprint
The company deepened its Compressed Natural Gas (CNG) strategy, opening 12 stations in Abuja and Lagos, training over 1,000 mechanics, and deploying 55 eco-friendly trucks. NNPC plans to add 226 more CNG stations by 2030 as part of its clean-energy expansion.
Governance, People, and Social Impact
Ojulari highlighted progress in transparency, recruitment, and staff development. Women now occupy 20% of senior management roles, while employees have received training at global institutions including Harvard, Stanford, Wharton, and Lagos Business School.
NNPC’s social investments included financial literacy training for 430,000 NYSC members, distribution of 15,000 STEM textbooks, and cancer screening support for 3,400 citizens.
Energy Investments and Outlook
The company reported continued progress on NLNG Train 7, increased power generation capacity by 2.8%, and renewed investor confidence in gas-based industries following the Brass Fertiliser GSPA.
Looking ahead, NNPC says it will expand CNG and renewable infrastructure, intensify emissions-reduction programmes, and strengthen governance systems to maintain stakeholder trust.
