Mkpoikana Udoma
Port Harcourt — Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPC Ltd., Engr. Bashir Bayo Ojulari, has reaffirmed the company’s commitment to value creation, competitiveness, and efficiency as the foundation of its new business model.
Ojulari stated this while delivering a keynote address at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Energy and Labour Summit, PEALS 2025, in Abuja.
“With the Petroleum Industry Act, 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 said.
He explained that building resilience in Nigeria’s oil and gas sector must translate into concrete reforms across operations, governance, and partnerships.
According to him, beyond production volumes, the industry’s future rests on strong Environmental, Social, and Governance practices, which are increasingly becoming decisive factors for global investors and host communities.
“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,” the GCEO added.
Ojulari further stressed the need for stakeholder alignment to unlock stranded assets and boost incremental production through coordinated actions across the value chain.
He called for collaboration among PENGASSAN, labour unions, investors, government, and industry stakeholders to ensure stability and de-risk the operating environment.
“Every additional barrel and gas molecule contributes directly to national prosperity and energy security,” he said.
While commending PENGASSAN for its role in strengthening Nigeria’s energy workforce, Ojulari reaffirmed NNPC Ltd.’s commitment to innovation, collaboration, and national development, urging stakeholders to embrace resilience as a deliberate strategy for the future.
Earlier, PENGASSAN President, Comrade Festus Osifo, said the long-term sustainability of Nigeria’s oil and gas industry hinges on a collective commitment to environmental stewardship anchored on robust corporate governance.
Osifo also commended President Bola Tinubu for laying a strong foundation to achieve incremental production and attract investments through the recent signing of executive orders.
These, he noted, were aimed at shortening the contracting cycle, supporting non-associated gas development, extending the duration of third-party contracts, and introducing performance-based tax incentives.
The summit brought together senior government officials, industry captains, labour leaders, and stakeholders to deliberate on strategies for strengthening Nigeria’s oil and gas sector amid global energy transition pressures.
