The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has reaffirmed that Nigeria’s oil and gas sector must anchor its future on value creation, competitiveness, and operational efficiency to remain resilient amid global energy transition pressures.
Engr. Ojulari made the remarks in Abuja while delivering the keynote address at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025), themed “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production.”
The NNPC boss explained that the Petroleum Industry Act (PIA) has given Nigeria a fresh opportunity to rebuild confidence in its oil and gas investment climate, while positioning NNPC Limited to operate under a fully commercial model.
“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.
Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited
Engr. Ojulari added, “This includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure across the value chain.”
He stressed that resilience in the sector must move beyond rhetoric and translate into structural reforms in governance, partnerships, and operations, if Nigeria is to unlock its full hydrocarbon potential.
Highlighting the global shift in investor sentiment, Engr. Ojulari said oil and gas companies can no longer be judged solely on production volumes, but also on how responsibly those resources are extracted.
“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.”
Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited
He disclosed that NNPC Limited has already begun implementing an Energy Transition Roadmap, which includes reducing the company’s carbon footprint, expanding gas development as a transition fuel, and improving transparency in its operations.
According to him, this new roadmap is designed to align Nigeria’s petroleum industry with international climate commitments while ensuring energy security and economic stability at home.
Unlocking Stranded Assets and Driving Incremental Production
Engr. Ojulari called for stronger collaboration across the oil and gas value chain to unlock stranded assets, reduce costs, and boost incremental production.
He said, “Every additional barrel and gas molecule contributes directly to national prosperity and energy security,” urging coordinated action between labour unions, government, investors, and communities to de-risk the operating environment.
He added that PENGASSAN’s partnership remains critical to creating stability and driving innovation in workforce productivity, particularly as the industry navigates global decarbonisation challenges.
Earlier in his welcome remarks, PENGASSAN President, Comrade Festus Osifo, echoed the need for shared responsibility in ensuring the sector’s sustainability.
He emphasized that the long-term future of Nigeria’s petroleum industry depends on environmental stewardship and strong corporate governance frameworks.
Osifo commended President Bola Tinubu for taking decisive steps to restore investor confidence in Nigeria’s energy sector, citing recent executive orders designed to shorten contracting cycles, encourage non-associated gas development, extend third-party contract durations, and introduce performance-based tax incentives.
“These reforms represent a strong foundation for incremental production and will help reposition our industry to attract both local and international capital.”
Comrade Festus Osifo, PENGASSAN President
Charting Nigeria’s Oil and Gas Future
The PEALS 2025 Summit brought together senior government officials, industry leaders, labour representatives, and energy stakeholders to deliberate on strategies for strengthening Nigeria’s oil and gas sector in the context of global market uncertainties and the accelerating energy transition.
Engr. Ojulari concluded his address with a rallying call for resilience, describing it as a “deliberate choice” that Nigeria must embrace to safeguard its energy future.
“NNPC Limited is committed to innovation, collaboration, and national development. By embedding value creation, competitiveness, and ESG in everything we do, we can deliver sustainable prosperity for Nigeria.
“But this requires alignment of all stakeholders. Resilience is not optional—it is the foundation of our future.”
Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited
The summit’s discussions reinforced the message that while Nigeria’s hydrocarbon industry faces challenges from global energy transition policies, domestic reforms, transparency, and strategic partnerships can ensure the sector remains a pillar of national development.
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