Nigeria: Ojulari - NNPC's New Business Model Hinged On Value Creation, Efficiency

Abuja — The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has reaffirmed the company's strategic direction towards value creation, competitiveness and efficiency as the foundation of its new business model.

Ojulari made this known while delivering a keynote address themed: "Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production," at the just concluded 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025) held in Abuja.

Speaking on NNPC's transformation, Ojulari underscored the company's renewed focus on operational excellence and investor confidence, driven by the provisions of the Petroleum Industry Act (PIA) and global market dynamics.

He explained that resilience for the Nigerian oil and gas sector must translate into concrete reforms across operations, governance, and partnerships, the company said in a statement.

"With the 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, monetising assets, and investing in critical infrastructure across the value chain," Ojulari reiterated.

The GCEO emphasised that beyond production volumes, the future of Nigeria's oil and gas industry rests on strong Environmental, Social, and Governance (ESG) practices, adding that global investors and communities alike now judge energy companies not only by what they produce but how responsibly 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 maintained.

Earlier, PENGASSAN President, Festus Osifo, said the long-term sustainability of Nigeria's oil and gas industry hinges on a collective commitment to environmental stewardship, embedded in upholding robust corporate governance.

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