Nigeria's NNPC reports $3.4 bn cost savings, new oil find and Chinese refinery partnership

The Nigerian National Petroleum Company (NNPC) disclosed that aggressive contract restructuring saved $3.4 billion and generated N19.5 trillion in revenue for the federal treasury. Production rose 6 % to 569.7 million barrels of crude (about 1.71 million barrels per day, a five‑year high) and gas output increased 8.1 %. Export terminals recovered to a 98 % recovery factor and the company maintained 100 % compliance with joint‑venture cash‑call obligations.

Renaissance Africa Energy announced a significant hydrocarbon discovery at the JK‑004 exploration well in OML 74, reporting roughly 1,000 feet of oil‑bearing column across seven reservoirs with light, high‑quality crude.

Separately, NNPC entered a performance‑based technical equity partnership with two Chinese firms, Sanjiang Chemical and Xinganchen (Fuzhou) Industrial Park, to evaluate and potentially operate the idle Port Harcourt and Warri refineries. Under the model, partners will fund and run the facilities and receive payment only if they produce fuel, addressing past failures of $25 billion in rehabilitation projects.