Tag: Petroleum Industry Act

  • Africa Must Align Infrastructure and Capital to Secure Energy Future – Ojulari

    Africa Must Align Infrastructure and Capital to Secure Energy Future – Ojulari

    The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has identified shared infrastructure, policy alignment, coordinated investment frameworks, and cross-border collaboration among African National Oil Companies (NOCs) as critical pillars for securing Africa’s energy future.

    Ojulari made the remarks during a fireside chat at the International Energy Week 2026 in London, according to a press statement issued on Wednesday by Mr. Andy Odeh, Chief Corporate Communications Officer of NNPC Limited.

    The session featured discussions with Mr. Andy Brown, Deputy Chair of Ørsted and President of the Energy Institute, focusing on Africa’s pathway to energy security and sustainable growth.

    Bayo Ojulari, GCEO, NNPC Ltd (r) and Mr. Andy Brown, Deputy Chair of Ørsted and President of the Energy Institute

    Expanding Regional Infrastructure

    Ojulari stressed the imperative of expanding cross-border energy infrastructure across Africa, noting that NNPC Limited’s ongoing regional gas initiatives demonstrate how shared assets can unlock scale, efficiency, and resilience.

    He highlighted flagship projects such as the Nigeria–Morocco Gas Pipeline and the expansion of the West African Gas Pipeline as vital to strengthening regional integration and advancing cross-border energy trade.

    According to the statement, Ojulari described these initiatives as strategic levers for deepening economic integration and boosting industrialisation across the continent.

    Harmonising Policies to Attract Investment

    The NNPC GCEO also called for aligned pricing frameworks, harmonised transit protocols, local content standards, and joint technical regulations across African markets.

    Drawing lessons from Nigeria’s Petroleum Industry Act, he said regulatory clarity and consistency are essential to reducing investment friction, safeguarding cross-border infrastructure, and ensuring equitable access to shared energy assets.

    The statement noted that such reforms are crucial to creating a predictable investment climate capable of attracting long-term capital into Africa’s energy sector.

    Collective Capital Mobilisation

    Ojulari further advocated structured joint investment platforms among African NOCs, stressing that acting collectively would enhance the continent’s ability to mobilise and deploy capital efficiently.

    “Africa can attract and deploy capital more effectively when acting collectively rather than individually,” he was quoted as saying in the statement.

    Balancing Growth with Climate Commitments

    On NNPC Limited’s ambition to grow oil production, scale gas output, and attract investment, Ojulari emphasised the need for a pragmatic, Africa-centric strategy that positions energy as both a driver of economic development and a contributor to global climate goals.

    “Our pathway is clear: grow production responsibly, scale gas as the backbone of Africa’s industrialisation, strengthen environmental accountability, and align with global decarbonisation objectives—while ensuring that Africans are not left behind in the energy transition,” he stated.

    International Energy Week is a leading global platform that brings together policymakers, industry executives, investors, regulators, and technology innovators to shape dialogue on energy security, transition pathways, capital formation, and sustainability.

    Fireside at the International Energy Week, London

    The statement reaffirmed NNPC Limited’s commitment to regional cooperation, integrated gas market development, and sustained diplomacy among African NOCs to secure the continent’s energy future.

  • Breaking News! NNPC, Chevron Record Major Oil Find in Awodi-07 Well

    Breaking News! NNPC, Chevron Record Major Oil Find in Awodi-07 Well

    Efforts to grow Nigeria’s hydrocarbon reserves have received a significant boost following the confirmation of a hydrocarbon discovery at the Awodi-07 appraisal and exploration well by the NNPC Ltd/Chevron Nigeria Limited Joint Venture in the shallow offshore western Niger Delta.

    The well, operated by Chevron Nigeria Limited, was drilled as part of the joint venture’s ongoing exploration and appraisal programme aimed at further delineating reserves and unlocking additional hydrocarbon potential within its asset portfolio. Drilling operations commenced in late November 2025 and were completed in mid-December 2025.

    According to a statement released, Monday afternoon in Abuja, by NNPC Ltd Chief Corporate Communications Officer, Mr. Andy Odeh, the drilling campaign was executed safely, efficiently, and in full compliance with approved operational and regulatory requirements.

    The operation was carried out under the oversight of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in line with applicable upstream regulations.

    Following the completion of drilling activities, the well underwent comprehensive logging, testing, and data acquisition to evaluate reservoir characteristics, after which it was safely secured.

    Data obtained from the well is expected to be submitted to the NUPRC for detailed technical review as part of the post-drilling regulatory process.

    NNPC Ltd said results from the Awodi-07 well confirmed the presence of hydrocarbons across multiple reservoir zones, describing the outcome as encouraging and a significant milestone for the joint venture.

    The discovery strengthens confidence in the asset and further reinforces the prospectivity of the shallow offshore western Niger Delta.

    In the statement, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, was reported to have said that the success of the Awodi-07 well highlights the strength of the partnership between NNPC Ltd and Chevron Nigeria Limited and supports national efforts to grow Nigeria’s hydrocarbon reserves.

    Also commenting, the Executive Vice President, Upstream, NNPC Ltd, Mr. Udy Ntia, said the results demonstrate the importance of disciplined exploration programmes, sound technical evaluation, and sustained collaboration between joint venture partners.

    Under the Petroleum Industry Act (PIA), discoveries such as Awodi-07 are expected to progress through a structured appraisal and development process, including further reservoir evaluation, submission of field development plans, and regulatory approvals from the NUPRC prior to any final investment decision.

    Industry sources say the NNPC Ltd/Chevron Joint Venture is expected to review the Awodi-07 data to determine the scope of additional appraisal drilling and commercial viability.

    Subject to regulatory approvals, the discovery could be matured towards development and eventual monetisation.

    The NNPC Ltd/Chevron Joint Venture operates several onshore and offshore oil and gas assets in Nigeria’s Niger Delta under a joint venture arrangement in which Chevron holds a 40 per cent participating interest, while NNPC Ltd owns the remaining share.

    The partners are targeting an increase in oil production to approximately 146,000 barrels per day, a move expected to support government revenue, job creation, and Nigeria’s energy supply.

  • NNPC Limited Unveils Record ₦5.4 Trillion Profit

    NNPC Limited Unveils Record ₦5.4 Trillion Profit

    Announces $60 Billion Expansion Plan,

    … As Ojulari Pledges Strategic Investments to Sustain Growth into Next Decade

    NNPC Limited has recorded a historic Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion for 2024, marking its strongest financial performance in recent years.

    The results showcase the company’s operational excellence and set the stage for ambitious investments to sustain growth through the next decade.

    Strong Financial Performance

    In a statement, Andy Odeh, Chief Corporate Communications Officer, quotes Bayo Ojulari, NNPC Ltd Group Chief Executive Officer as saying that the results reflect NNPC Limited’s financial resilience and the success of its transformation into a fully commercial, profit-driven entity.

    Key figures from the 2024 financial year include:

    • Revenue: ₦45.1 trillion, up 88% year-on-year
    • Profit After Tax: ₦5.4 trillion, up 64% year-on-year
    • Earnings Per Share (EPS): ₦27.07, up 64%

    “The 2024 results demonstrate the positive impact of our ongoing transformation and the dedication of our workforce,” Ojulari said.

    “They provide a strong foundation for the company’s ambitious growth plans and reaffirm our commitment to delivering value to Nigerians.”

    $60 Billion Investment Pipeline

    NNPC Limited is accelerating investments across oil and gas production, infrastructure, and clean energy initiatives to drive energy security and economic growth.

    Strategic targets include:

    • Crude Oil Production: 2 million barrels per day (bpd) by 2027; 3 million bpd by 2030
    • Natural Gas Production: 10 billion cubic feet per day (bcf/d) by 2027; 12 bcf/d by 2030
    • Completion of major gas infrastructure projects including Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines
    • Mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030

    “Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “NNPC Limited is positioning itself as a globally competitive energy company, delivering sustainable returns while powering the future of Nigeria and Africa.”

    About NNPC Limited

    Founded in 1977, NNPC Limited is Nigeria’s leading oil and gas company.

    The organisation, fully commercial and profit-driven since 2022 under the Petroleum Industry Act (PIA), operates across the entire oil and gas value chain, from exploration and production to refining and distribution.

    NNPC Limited plays a pivotal role in driving energy security and economic growth for Nigeria and the continent.

    The 2024 Audited Financial Statement is available at www.nnpcgroup.com.