NNPCL Broadens Engagement With JV Partners To Reverse $1.31bn Estimated Oil Export Loss
By Naija Enquirer Staff
The Nigerian National Petroleum Company Limited (NNPCL) is intensifying engagement with its Joint Venture (JV) partners as it pushes to boost oil exploration investment, increase crude output, and meet Nigeria’s production quota under the Organization of Petroleum Exporting Countries (OPEC) agreement.
The company is strengthening collaboration with its partners from 2025 into 2026, targeting improved production performance, maximised infrastructure uptime, and higher facility maintenance standards across its producing assets.
Nigeria’s Underproduction Linked To $1.31bn Revenue Loss
Nigeria’s inability to consistently meet its OPEC+ crude oil quota over the past year has reportedly resulted in an estimated $1.31 billion gross revenue loss.
Reports indicate that the cumulative underproduction between January 2025 and January 2026 is estimated at about 18.12 million barrels.
Using the official average price of Nigeria’s flagship Bonny Light crude at $72.08 per barrel, the lost export revenues for OPEC’s top African producer amount to approximately $1.31 billion.
Quota Struggles Persist Despite OPEC+ Framework
Nigeria has struggled for years to meet its production quota under the OPEC+ deal, reflecting persistent challenges such as infrastructure constraints, pipeline vandalism, crude theft, and operational disruptions.
In 2025, Nigeria exceeded its OPEC+ quota only in January, June, and July, while production fell below the agreed ceiling in all other months of the year.
The steepest deficit reportedly occurred in September 2025, when crude oil production dropped to 1.39 million barrels per day, representing a shortfall of about 110,000 barrels per day below the OPEC+ quota.
NNPCL Targets Output Growth To 2mbpd By 2027
Despite the production setbacks, Nigeria is pursuing an ambitious output growth plan stretching through 2030.
NNPCL’s Executive Vice President for Upstream, Udy Ntia, disclosed in November 2025 that the national oil company is targeting an increase in crude oil production to 2 million barrels per day over the next two years.
He also stated that by 2030, NNPCL aims to achieve production of 3 million barrels per day.
Nigeria Missed 2025 Production Target
In 2025, Nigeria recorded an average daily crude oil production of about 1.5 million barrels per day, which was around 500,000 barrels per day below the Federal Government’s target for the oil sector.
Rig Count Discrepancies Raise Questions
Official data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that there were 40 active drilling rigs in Nigeria at the end of 2025.
However, OPEC’s own reporting showed a significantly lower figure, listing Nigeria’s active drilling rig count at 18 rigs for November 2025.
The difference in rig data reflects continuing concerns around transparency, reporting standards, and the actual level of upstream activity within the country’s oil and gas sector.
NNPCL’s renewed push for stronger JV collaboration is expected to be central to reversing Nigeria’s production deficit and improving its ability to compete for global upstream capital in a tightening international oil market.
