The Nigerian National Petroleum Company Limited (NNPCL) has said Nigeria is repositioning itself as a dependable global energy supplier, citing improved security, policy stability, and renewed investor confidence in the oil and gas sector.
The national oil company according to ThisDay stated that the country’s resurgence comes at a time of heightened global supply uncertainty triggered by the US-Israel war on Iran, which has disrupted oil infrastructure across the Middle East and led to the closure of the Strait of Hormuz—a critical channel for nearly 20 per cent of global crude supply.
Speaking during a fireside chat at CERAWeek 2026 in Houston, Group Chief Executive Officer of NNPCL, Bayo Ojulari, said Nigeria was leveraging a more secure operating environment in the Niger Delta and reforms under the Petroleum Industry Act to rebuild its global energy standing.
Ojulari projected a modest increase in crude output, with production expected to rise by about 100,000 barrels per day in the coming months. However, this remains below the federal government’s 2026 benchmark of 1.84 million barrels per day.
He attributed recent gains to enhanced operational autonomy granted by President Bola Tinubu, which he said has enabled the company to make more commercially driven decisions and improve efficiency.
According to Ojulari, nearly 100 per cent pipeline availability has been achieved over the past year through strengthened collaboration between security agencies and host communities, significantly improving operational stability.
He emphasised that disciplined project execution would be critical to sustaining growth, noting that NNPCL is now implementing outcomes from a comprehensive portfolio review completed last year, alongside efforts to deepen partnerships with international oil companies.
Ojulari highlighted renewed investor confidence, pointing to major project commitments and the resolution of longstanding disputes such as the ENI-operated OPL 245. He also referenced the $20 billion Shell-operated Bonga Southwest project as evidence of growing international trust in Nigeria’s energy sector.
On domestic energy security, he commended the Dangote Refinery for reducing Nigeria’s exposure to global supply volatility, cutting dependence on imports, and providing a stable outlet for locally produced crude.
The NNPCL boss also disclosed that the $5 billion NLNG Train 7 project is expected to be commissioned before the end of the year, with plans underway to expand capacity further through additional trains.
He noted that with over 200 trillion cubic feet of proven gas reserves, Nigeria is intensifying efforts to harness its gas potential for both domestic use and export, supported by key infrastructure projects such as the AKK and OB3 pipelines.
Despite the optimistic outlook, Nigeria continues to face production challenges. Data from the Nigerian Upstream Petroleum Regulatory Commission shows that output averaged 1.63 million barrels per day in January and dropped to about 1.48 million barrels per day in February, resulting in a cumulative shortfall of roughly 16.6 million barrels over the two months.
This underperformance highlights the gap between current production levels and fiscal targets, raising questions about whether the projected 100,000 bpd increase will be sufficient to meet budget expectations.
Ojulari acknowledged that while Nigeria cannot match the scale of top producers like Saudi Arabia, it remains well-positioned to contribute to easing global supply pressures.
He stressed that the company’s long-term strategy is shifting from resource ownership to resource monetisation, with a focus on unlocking value through efficient project delivery, competitive fiscal frameworks, and stronger partnerships.
CERAWeek 2026, organised by S&P Global, is hosting over 10,000 global energy leaders to discuss the intersection of energy, technology, and geopolitics.