NNPCL To Take FID On Four Major Oil & Gas Projects Before December
…OB3 Gas Pipeline Project 95% Completed, AKK Reaches 70%
The Nigerian National Petroleum Company Ltd is to take Final Investment Decision on four major oil and gas projects in the fourth quarter of this year.
The NNPC revealed this in its monthly report summary for the month of April,2025.
A Final Investment Decision is a formal decision made by the executive management or board of a company—particularly in the energy, oil & gas, or infrastructure sectors—to proceed with a major capital project.
It marks the transition from planning and evaluation to full-scale project execution.
In the report, the National oil company listed the projects where FID would be taken before the end of the year to include Ntokon Development (OML 102), Crude Oil Production Expansion Project (OML 29), Gas Development Projects (OML 30, 42) and Brass Fertilizer (Financial Close).
The Ntokon Development refers to the recently discovered oil and gas field on OML 102, located about 60 km offshore in shallow waters (approximately 40 m depth) off Nigeria’s southeast coast.
It was discovered by TotalEnergies EP Nigeria in June 2023, with NNPC Ltd holding 60 per cent interest and TotalEnergies 40 per cent.
Wood Mackenzie estimates reserves could be 300–400 MMboe, with a notional scenario of about 320 MMboe leading to first oil in 2029, yielding a healthy 24 oer cent Internal Rate of Return, assuming current concession terms.
This is expected to accelerate NNPC’s growth ambitions and enhances Nigeria’s oil production profile and adds value using low-cost, low-emission development approaches favored by the PIA regime.
The NNPCL in the report also revealed that it would enter into collaboration with Venture Partners to accelerate Sustainable Production Enhancement addinf that the implementation of relevant Presidential directives and Executive orders for its upstream operations would be completed.
It also revealed the completion of Turn Around Maintenance of OML 18, OML 58, OML 118 and OML 133.
This is just as the report added that the national oil company recorded the sum of N5.89tn as revenue, resulting into a profit after tax of N748bn.
In the report seen by THE WHISTLER, the NNPCL put the crude oil and condensate production at 1.603 million barrels per day while natural gas production was 7.473 million standard cubit feet per day.
Crude oil production was 1.67MBPD in January before dropping to 1.62MBPD and 1.56MBPD in the month of February and March this year, respectively.
Between January and March this year, the company also made statutory payments of N4.225tn and empowered 531 NYSC Corps members with solar power starter packs, igniting a
new generation of clean energy entrepreneurs under the NNPC/NYSC Business Empowerment Initiative.
In the report, the NNPC stated that the AKK Gas pipeline project is about 70 per cent completed, while the OB3 pipeline project is about 95 per cent completed.
The completion of the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project would enhance the transportation of gas across Nigeria, facilitating greater domestic supply and export capabilities.
According to the report, the NNPC, through its Foundation, also equipped 83 ICT trainees & 170 creative industry talents with business starter kits, driving youth innovation across Nigeria’s digital and creative economies.
The company also restored vision for 2,005 individuals through cataract surgeries in the South-East and South-South, delivering dignity, hope, and new beginnings.
Also achieved during the period under review is the rehabilitation of three hospital wards with 100-bed capacity at National Orthopaedic
Hospital, Igbobi, advancing access to quality healthcare and saving lives.
The NNPC Foundation also commissioned STEM books and science libraries in Abuja and Lagos schools, building future scientists, thinkers, and innovators from the ground up.
Over 3,860 vulnerable farmers were trained in modern, climate-smart agriculture across the South-East and South-South, transforming rural livelihoods and food security.
NNPCL To Take FID On Four Major Oil & Gas Projects Before December is first published on The Whistler Newspaper
