PRESS RELEASE

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

The GCEO 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 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 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.‎

‎“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 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 revealed.‎

‎He 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 towards assuring stability, de-risking the environment and creating conditions for sustainable growth. Every additional barrel and gas molecule contributes directly to national prosperity and energy security, he added.‎

‎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, 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.

‎‎Osifo commended President Tinubu for laying a strong foundation for achieving incremental production and attracting investment, citing the recent signing of executive orders 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 PEALS Summit brought together senior government officials, industry captains, labour leaders, and stakeholders to deliberate on strategies to strengthen Nigeria’s oil and gas sector amid global energy transition pressures.

Signed

NNPC Ltd.

Abuja

20th August, 2025

Group CEO, NNPC Ltd, Engr. Bashir Bayo Ojulari delivers a Keynote address during 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.‎