NNPC Cuts Exploration Spending by 87%, Gas Flare Bill Falls to N499bn

The Nigerian National Petroleum Company Limited reduced additions to its exploration and evaluation assets by 87.7 per cent to N78.8 billion in 2025, from N640.5 billion in 2024, according to its latest Annual Financial Report. The national oil company's gas flaring charges also fell by 62.2 per cent, from N1.32 trillion in 2024 to N499 billion in 2025. The report linked the decline in exploration funding to a slowdown in the search for hydrocarbons in underexplored areas, including the Chad Basin, Benue Trough, Bida Basin and Sokoto Basin in northern Nigeria.

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