NNPC overcomes challenges to reach 2 million barrels per day goal and expand gas projects

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Lagos – In 2024, Nigeria’s NNPC (Nigerian National Petroleum Corporation) Limited is showing substantial growth in the oil and gas industry. The company reported a profit of approximately N3.297 trillion (about $8.6 billion), a figure fueled by crude oil sales that surged to N14 trillion in 2023, up from N3.5 trillion the previous year. This growth is largely due to the recent removal of fuel subsidies, which allowed NNPC to sell products at higher, market-driven prices amidst rising demand and currency devaluation​.

NNPC is also making significant investments in natural gas projects to diversify Nigeria’s energy base. Key projects like Brass LNG and Olokola LNG aim to capitalize on the country’s vast gas reserves, promising job creation, power generation, and additional revenue. These investments are expected to create around 500,000 jobs within the gas supply chain and improve energy security across the nation​.

A primary goal for 2024 is reaching 2 million barrels of oil per day (bpd) in production. However, this target faces challenges from oil theft and infrastructure vandalism, prompting NNPC to bolster security efforts along its oil pipelines​.

The company’s total assets soared to N246 trillion in 2023, exceeding Nigeria’s nominal GDP. This value, bolstered by dollar-denominated assets and exchange rate adjustments, underscores NNPC’s role as a financial powerhouse within Nigeria’s economy​.

Supported by recent reforms, NNPC is positioning itself as a more efficient and attractive entity for foreign investment. These initiatives signal a push for economic diversification and a more resilient, future-ready Nigerian economy.