The Nigerian National Petroleum Company (NNPC) Limited has embraced a new business model centered on value creation, competitiveness, and efficiency.
This was announced by the Group Chief Executive Officer (GCEO), Bayo Ojulari, during his keynote address at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit in Abuja.
According to Ojulari, NNPC’s transformation is driven by the Petroleum Industry Act (PIA) and global market dynamics, which call for a renewed focus on operational excellence and investor confidence.
He explained that building a resilient oil and gas sector requires concrete reforms in operations, governance, and partnerships. This includes restructuring joint ventures, monetising assets, and investing in crucial infrastructure.
Ojulari emphasised that the industry’s future depends on strong Environmental, Social, and Governance (ESG) practices.
He stated that global investors and communities now evaluate energy companies not only by their production volumes but also by how responsibly they produce.
Ojulari mentioned that NNPC Ltd. has initiated an Energy Transition Roadmap to reduce its carbon footprint, invest in gas as a transition fuel, and improve transparency.
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Ojulari stressed the importance of stakeholder alignment to unlock stranded assets and increase production.
He called for collaboration among PENGASSAN, labour unions, investors, and government stakeholders to ensure stability, de-risk the environment, and create conditions for sustainable growth.
He added that every additional barrel of oil and gas molecule contributes directly to national prosperity and energy security.
In his welcome address, PENGASSAN President Festus Osifo highlighted that the industry’s long-term sustainability depends on a collective commitment to environmental stewardship and robust corporate governance.
Osifo also commended President Bola Tinubu for laying a strong foundation for increased production and investment through recent executive orders aimed at streamlining the contracting process and providing performance-based tax incentives.
