The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) has stated that listing on stock exchange will start with 5 to 10 per cent stake in an initial public offering (IPO).
According to Reuters, Ojulari said the listing will focus primarily on the domestic market, with a potential secondary listing in London or New York.
He added that further listings of NNPC subsidiaries might also take place, echoing moves by the UAE’s state oil firm ADNOC.
He said preparations for any NNPC listing will likely take at least all of next year, with the primary objective to improve NNPC’s transparency and governance as per Nigerian law, and with raising cash only its secondary objective.
Ojulari also stated that Chinese companies had shown interest in buying stakes — rather than just contracting work — in some of Nigeria’s smaller oil refineries that require big repairs, such as Port Harcourt and Warri.
He had previously said NNPC was in talks with a Chinese engineering company to refurbish at least one of its refineries, which have not worked at full capacity for more than a decade.
NNPC would retain at least 10% in equity under any deal.
He said he expected at least one of those smaller refineries to start producing again within a maximum of three years.
In another statement, the GCEO was quoted as stating that the Ajaokuta-Kaduna-Kano (AKK) pipeline is expected to deliver gas to Abuja before the end of the year for power generation, data centres and industrial hubs.
Daily Trust reported that the pipeline which has been under construction for the past six years has missed several deadlines due to finance and topography.
But the NNPC has stated that construction of the pipeline has been completed with ancillary infrastructure along the corridor remaining before gas flows to the Abuja section.
…declares N509bn profit in September
Meanwhile, the company said it recorded a profit after tax of N509 billion in September 2026, according to its monthly report summary for the month.
Total revenue for the period stood at N4.6trn.
The report, released on Tuesday shows total hydrocarbon production of 3.04 million barrels of oil equivalent per day (mmboe/d), up from 2.79 mmboe/d in October 2025.
Crude and condensate output was 1.70 million barrels of oil per day (mmbopd), while natural gas production reached 7,789 million standard cubic feet per day (mmscf/d).
A breakdown of the September output showed crude at 1.45 mmboe/d, condensate at 0.24 mmboe/d and natural gas equivalent at 1.34 mmboe/d.
Production was slightly lower than the peak of 3.07 mmboe/d recorded in May and June 2026 but higher than the 2.97 mmboe/d posted in July and the 3.01 mmboe/d in August.
Gas production followed a similar pattern. It rose from 6,997 mmscf/d in October 2025 to 7,789 mmscf/d in September 2026, after reaching 7,841 mmscf/d in June.
Gas sales for September were 4,793 mmscf/d, compared with 4,737 mmscf/d in August and 4,713 mmscf/d in October 2025.
On crude oil and condensate sales, the company sold 24.63 million barrels in September, made up of 23.64 million barrels of crude and 0.99 million barrels of condensate.
This compares with 24.56 million barrels in August and 22.53 million barrels in July.
The highest monthly sales in the period under review were 28.64 million barrels in October 2025, followed by 28.23 million barrels in June 2026.
Statutory payments from January to September 2026 totalled N11,140 trillion. Upstream pipeline availability stood at 100 percent.
On downstream operations, petrol (PMS) availability at NNPC Retail Limited (NRL) stations was 54 percent.
On infrastructure, the report says the Obiafu-Obrikom-Oben (OB3) gas pipeline is 100 per cent complete, with the River Niger crossing commissioned and operationalised.
The Ajaokuta-Kaduna-Kano (AKK) gas pipeline is 95 percent complete. The company said it is working with stakeholders to speed up construction and pre-commissioning activities so that early gas can be delivered to Abuja in 2026.
To sustain the production growth, NNPC Limited said it would speed up the restoration of shut-in wells and facilities, optimise production and carry out well interventions.
It also plans to strengthen facility reliability and preventive maintenance, address subsurface and flowline integrity issues, improve community engagement, and resolve storage, tank-top and export infrastructure constraints to minimise deferments and protect production gains.
SOURCE: dailytrust.com
