By Seun Ibiyemi
The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has outlined a pragmatic roadmap for Nigeria’s energy future, stressing that the country’s success will depend on disciplined execution, strategic partnerships, and clear value delivery.
Ojulari made the remarks on the opening day of CERAWeek 2026, widely regarded as the world’s premier energy gathering, held under the theme “Convergence and Competition: Energy, Technology and Geopolitics.”
Addressing a global audience of industry leaders, including top executives and policymakers, the NNPC boss declared that Nigeria’s fundamentals remain strong and its value proposition clear, noting that the country is now firmly focused on implementation.
“Capital goes where value is clear, and Nigeria has that value,” Ojulari said, emphasizing the need to align immediate energy demands with long-term transition goals.
He articulated the national oil company’s guiding philosophy, stating, “We are not choosing between today and tomorrow; we are funding the future with the present.”
Speaking during a fireside chat anchored by Dan Pratt of S&P Global, Ojulari noted that Africa’s reliance on hydrocarbons for revenue and foreign exchange makes sustained upstream production essential.
He highlighted Nigeria’s vast gas reserves—estimated at over 600 trillion cubic feet—as a critical driver of industrialisation and energy security, describing gas not only as a transition fuel but also as a strategic economic asset.
Ojulari said Nigeria is positioning itself as a reliable destination for global energy investment, citing improved policy stability, enhanced infrastructure security, and stronger government backing.
“The President has given NNPC the autonomy to act and consolidate long-lasting commercial solutions,” he said.
On energy transition, the NNPC GCEO stressed the importance of sequencing investments effectively, noting that oil will continue to generate value in the short term, while gas will underpin medium-term industrial growth and transition investments will be carefully targeted.
He also underscored the role of international partnerships in unlocking Nigeria’s deepwater potential, pointing to collaborations with companies such as Shell and Eni as critical to delivering capital, technology, and execution capacity for key assets including OPL 245.
According to Ojulari, reforms introduced under the Petroleum Industry Act have strengthened regulatory certainty, while ongoing investments are addressing infrastructure gaps and improving security.
“When the fundamentals are right, partnerships scale naturally,” he added.
On gas development, Ojulari said Nigeria is shifting from potential to performance, with a focus on commercial pricing, critical infrastructure such as the AKK pipeline, and bankable contracts that enhance investor confidence.
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He explained that gas allocation will be guided by portfolio optimisation, balancing domestic supply needs with export opportunities such as liquefied natural gas.
The NNPC chief further signalled a strategic shift from resource ownership to resource monetisation, stressing that unlocking Nigeria’s vast undeveloped reserves will require competitive fiscal regimes, strong partnerships, and disciplined project execution.
He noted that deepwater projects remain a priority due to their scale, resilience to onshore challenges, and attractiveness to global investors.
CERAWeek, hosted by S&P Global, runs from March 23 to 27 in Houston, Texas, bringing together more than 10,000 energy leaders to examine the intersection of energy, technology, and geopolitics.
