The Nigerian National Petroleum Company Limited (NNPCL) has said it has signed a $3.5 billion memorandum of understanding (MoU) with the Akwa Ibom state government and the Gas Aggregator Company of Nigeria (GACN).
In a statement on Tuesday, the national oil company announced that the signing ceremony was held during the opening session of the South-South Gas Utilisation Forum 2025 in Uyo, Akwa Ibom state.
The firm said the agreement demonstrates the South-South geopolitical zone’s commitment to driving gas industrialisation for shared prosperity.
According to the statement, the forum was attended by Ekperikpe Ekpo, Minister of State for Petroleum Resources (gas), alongside representatives from the governors of Akwa Ibom, Cross River, and Rivers states.
“NNPC Ltd.’s delegation was led by the Executive Vice President, Upstream, NNPC Limited, Udy Ntia, who also serves as the GACN Board Chairman, and the Executive Vice President, Gas, Power, and New Energy, Mr. Olalekan Ogunleye,” the statement reads.
“The Managing Director of GACN, Mr. Chijioke Uzoho, and his team convened the forum to rally key stakeholders in the region toward catalysing holistic development through gas industrialisation.
“The opening session culminated in the signing of a $3.5 billion Memorandum of Understanding between NNPC Ltd., GACN, and the Akwa Ibom State Government, signalling the South-South geopolitical zone’s commitment to driving gas industrialisation for shared prosperity.”
In a separate statement, Ekpo said his attendance at the event was more than official, noting that “it is personal”.
“As an indigene of Akwa Ibom, I am proud to witness this convergence of visionaries committed to gas-powered prosperity,” the statement reads.
The minister commended Umo Eno, the governor of Akwa Ibom state, for creating a development-friendly environment in the state.
He also thanked GACN for “driving this important dialogue”.
“This is a defining moment for the South-South. We have the gas reserves, the will, and now the platform,” he said.
“Our message is clear: Let’s turn gas into jobs, industries, and inclusive growth. Through the Decade of Gas, the LPG penetration programme, the AKK and OB3 pipelines, and the spirit of the PIA, we are building something lasting.”
The minister urged stakeholders to translate ideas into action, emphasising that “this is our chance to lead not just a regional conversation, but a national transformation”.
The NNPCL has announced that Nigeria’s gas production fell to 7.352 billion standard cubic feet per day in May 2025, down from 7.354 billion mmscfd the previous month.
According to the company, gas sales, however, dipped marginally from 4.240 billion mmscfd in April to 4.185 billion mmscfd in May.
According to the company, gas sales, however, dipped marginally from 4.240 billion mmscfd in April to 4.185 billion mmscfd in May.
The report also showed that the company generated a total revenue of N6.008 trillion in May 2025, marking a marginal increase from the N5.972 trillion posted in April, even as crude oil and condensate production also showed slight improvement during the month.