Every oil, gas molecule critical to national prosperity, energy security — Ojulari

Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has reaffirmed the company’s strategic focus on value creation, competitiveness, and efficiency as the cornerstone of its new business model.

The GCEO made this known while delivering a keynote address titled “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production,” at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025) held at the Transcorp Hilton, Abuja, on Wednesday.

Speaking on NNPC Ltd.’s transformation, Engr. Ojulari highlighted the company’s renewed focus on operational excellence and investor confidence, propelled by the Petroleum Industry Act (PIA) and evolving global market dynamics.

He noted that resilience in Nigeria’s oil and gas sector must translate into concrete reforms across operations, governance, and partnerships.

“With the Petroleum Industry Act (PIA), we now have a framework to transform our investment climate. NNPC Limited is now operating under a new business model focused on value creation, competitiveness, and efficiency. This includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure across the value chain,” Ojulari reiterated.

The GCEO emphasized that beyond production volumes, the future of Nigeria’s oil and gas industry lies in adopting strong Environmental, Social, and Governance (ESG) practices, noting that global investors and local communities now assess energy companies not just by what they produce, but how they produce it.

“Today, oil and gas companies are judged not only by what they produce, but how they produce it. Environmental stewardship, social responsibility, and sound governance are now critical metrics for accessing capital, winning community support, and sustaining growth. NNPC Limited has initiated an Energy Transition Roadmap—reducing our carbon footprint, investing in gas as a transition fuel, and improving transparency,” he revealed.

Ojulari stressed the need for stakeholder alignment to unlock stranded assets and boost incremental production through smarter, coordinated actions across the value chain.

He called for collaboration between PENGASSAN, labour unions, investors, government, and industry stakeholders to ensure stability, de-risk the investment environment, and create the conditions for sustainable growth.

While commending PENGASSAN for its pivotal role in strengthening Nigeria’s energy workforce, the GCEO reaffirmed NNPC Ltd.’s commitment to innovation, collaboration, and national development, urging all stakeholders to embrace resilience as a deliberate choice for the future.

Earlier, in his welcome address, PENGASSAN President, Comrade Festus Osifo, stated that the long-term sustainability of Nigeria’s oil and gas industry hinges on a collective commitment to environmental stewardship and robust corporate governance.

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Osifo also commended President Bola Tinubu for laying a strong foundation for achieving incremental production and attracting investment. He cited the recent signing of executive orders aimed at shortening the contracting cycle, supporting non-associated gas development, extending third-party contract durations, and introducing performance-based tax incentives.

The PEALS Summit brought together senior government officials, industry leaders, labour representatives, and other stakeholders to deliberate on strategies to strengthen Nigeria’s oil and gas sector in the face of growing global energy transition pressures.