Strengthening Nigeria and NNPC’s position in global energy markets
As the global energy landscape evolves, all eyes are on Nigeria: a nation with immense hydrocarbon resources, strategic geopolitical significance, and a renewed ambition to become a leading force in world markets. At the core of this transition is the Nigerian National Petroleum Company Limited (NNPC), boldly reshaping itself from a traditional state-run agency into a dynamic, commercially driven energy enterprise.
In a pivotal session at ADIPEC, Bashir Bayo Ojulai, GCEO of NNPC, outlined how the company is redefining standards of partnership, innovation, and operational excellence to secure Nigeria’s energy future, while reinforcing its reliability as a partner to global markets.
Boosting Production Through Partnerships and Investment
Ojulai laid out clear ambitions for Nigeria’s oil production, stating, “We took some early initiatives, and we were able to climb up to 1.7 [million barrels a day], gradually reaching out.” With production still shy of its potential, Ojulai attributes progress to “regular interactions with all our partners, major IOCs, independents, and beginning to redefine how we’re going to work together.”
“Six months, I won’t say it feels like almost six years, but it comes with something new, and that is the responsibility to also be the national oil company.” — Bashir Bayo Ojulai, GCEO, NNPC
One of the central levers for growth has been new incentives introduced by the government, particularly for deep water and accelerated gas development. “With those additional incentives, what we do is translating them into executable agreements with all these parties,” he explained, signaling a new era of partnership-driven investment that is expected to bring in both technical and financial capacity.
Unlocking Deep Water and Gas Potential
Ojulai drew on his experience working in deep water regions, such as the Gulf of Mexico and Brazil, to frame Nigeria’s untapped potential. “Nigerians, deep water has only reached about 1,000 meters. Why is that? It’s about technology and deeper investment,” he shared. The recent signing of a deep-water production sharing contract (PSC) after 16 years underscores renewed investor confidence and new frontiers for exploration.
Onshore, Nigeria is pivoting to natural gas, seeing it as a key to both energy security and economic development. “Most of the gas discoveries that we’re developing today in Nigeria, I always say, are accidents of oil exploration,” he noted. New pipelines, such as the signature Nigeria-Morocco gas project, will link Nigeria to regional economies and Europe, broadening market access and industrial opportunity.
Modernising infrastructure and advancing downstream goals
Refinery upgrades are a cornerstone of NNPC’s modernization drive. “The NNPC minorities, those refineries are currently under review. There are some upgrades that are ongoing,” stated Ojulai. The company aims to partner with operators who bring “a track record of refining,” building on global best practices to ensure reliability and efficiency. NNPC is also increasing its stake in strategic refineries to strengthen domestic supply chains and reduce import dependency.
Transparency and “Fit for the Future” Strategy
Preparing for an eventual IPO, NNPC has initiated a “Fit for the Future” program, focused on transparency and operational excellence. “The IPO journey is by law, but what’s more important for us right now is increasing transparency,” Ojulai told the audience. Changes include regular publication of performance reports, and implementation of global best practices, moving NNPC steadily toward becoming a high-performing, investor-ready company.
Talent and Leadership for Sustainable Growth
NNPC’s transformation hinges not only on infrastructure and investment, but also on unlocking talent. As Ojulai put it, “We’re working the game, with all our partners and all necessary experts to unleash the full talent and capability. It requires retention; it requires deployment.”
Path Forward for Nigeria
As the session concluded, the energy was palpable. “It’s an exciting time,” Ojulai said, underlining the alignment between NNPC’s business ambitions and Nigeria’s development imperatives. The next five years will be pivotal, as NNPC and its partners target production milestones, operational efficiency, and market leadership. With a renewed focus on collaboration, innovation, and transparency, Nigeria is steadfastly positioning itself as a resilient, reliable force in the global energy market.
