The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, has stated that Africa remains dependent on hydrocarbons for revenue and foreign exchange, making sustained upstream production non-negotiable.
Speaking during the CERAWeek 2026 in Houston, Texas, Ojulari explained that with over 600 trillion cubic feet of proven reserves, gas represents not merely a transition fuel but a strategic economic lever for industrialisation and energy security across the continent.
He stated that deepwater remains a priority because it offers scale, it is less exposed to onshore challenges, and attracts global capital.
He said unlocking Nigeria’s significant proven but undeveloped reserves, requires commercial discipline, competitive fiscal frameworks, and strong partnerships.
Addressing Nigeria’s long-discussed gas potential, the GCEO noted that what is different now is execution discipline.
Three key enablers are receiving focused attention: commercial pricing across the value chain, critical infrastructure like the AKK (Ajaokuta-Kaduna-Kano) pipeline, and bankable contracts that provide investor certainty.
On the balance between domestic gas needs and LNG exports, Engr. Ojulari described a dynamic approach of portfolio optimisation–allocating gas where it delivers the highest combined national and commercial value.
According to the GCEO, “Nigeria is the reliable destination for energy investment the world needs. The country has positioned itself as a dependable supplier, riding on the established legacies of stable policies, improved energy infrastructure security, partnerships, and, lastly, the orientation of the government. The President has given NNPC the autonomy to act on its behalf and consolidate commercial solutions that are long-lasting.”
In a statement by NNPC Limited’s, Chief Corporate Communications Officer, Andy Odeh, Ojulari added that the “Balance is not about equal allocation; it is about optimal sequencing,” Ojulari stated, outlining a portfolio where oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined. He further highlighted the critical role of partnerships in de-risking Nigeria’s deepwater assets, noting that global players like Shell and Eni bring not only capital but execution capability, technology, and project discipline–particularly for assets like OPL 245 and other deepwater developments.
According to the oil executive, the Petroleum Industry Act (PIA) has now firmly established regulatory certainty, while infrastructure gaps are being closed through targeted investments and security is being strengthened through a more robust architecture.
“When the fundamentals are right, partnerships scale naturally,” he added.
SOURCE: AllAfrica
