Wisdom Engraced
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The Nigerian National Petroleum Company Limited (NNPCL) has deducted a total of N235.6 billion from the Frontier Exploration Fund (FEF) between January and July 2025, according to the company’s financial documents. The deductions represent 30% of Profit Sharing Contract (PSC) proceeds earmarked for exploration in frontier basins across the country.
For further information, read more details here
The FEF is designed to diversify the nation’s oil production away from the Niger Delta, but its priorities, transparency, and long-term strategy have been contentious. In May, NNPCL announced that oil drilling would resume in the northern region by June, with the Group Chief Executive Officer, Bayo Ojulari, stating that operations would restart at the Kolmani field.
Ojulari noted, “The government is on track with prospects for oil in the North.” Despite criticism from civil society and environmental groups, the government has pursued frontier exploration, with over $3 billion reportedly spent on oil search in the northern region over the past two decades
Deductions Breakdown
– January: N22.2 billion ( $8.16 million and N9.73 billion)
– February: N31.7 billion ( $17.59 million and N5.8 billion)
– March: N38.3 billion ( $18.66 million and N10.47 billion)
– April: N61.4 billion ( $28.51 million and N17.71 billion)
– May: N36.5 billion ( $1.88 million and N33.58 billion)
– June: N38.7 billion ( $24.17 million and N499.1 million)
– July: N6.8 billion ( $3.99 million and N732.9 million)
The cumulative figure of N235.6 billion in just seven months highlights the speed and intensity of allocations to frontier exploration compared with other statutory funds under the PIA
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Jonathan Nwokpor
