The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it is accelerating a major transformation drive as it moves closer to a landmark Initial Public Offering (IPO), with sweeping reforms in governance, infrastructure, and operations aimed at boosting investor confidence.
Group Chief Executive Officer, Bashir Ojulari, disclosed this during a session at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), where he said the company’s “Fit for the Future” strategy is designed to make NNPC globally competitive and investor-ready.
“Our IPO journey is mandated by law. We are publishing monthly performance reports and embedding global best practices to make NNPC a high-performing, investor-ready company with enhanced transparency,” Ojulari said.
Under the Petroleum Industry Act (PIA 2021), NNPC is required to operate as a fully commercial entity, a shift that has driven the company to strengthen governance, efficiency, and accountability in line with international standards.
Ojulari outlined five core workstreams underpinning the company’s transformation — production growth, gas monetisation, downstream optimisation, market leadership, and talent development — all central to positioning NNPC as a world-class energy company.
He said the company is also transforming its workforce through innovation and digitalisation, supported by initiatives such as the “Talent Valley” programme and international secondments designed to build global expertise.
According to him, President Bola Tinubu has set clear production goals for NNPC: two million barrels per day by 2027 and three million barrels per day by 2030.
On gas, Ojulari revealed that NNPC is targeting output of 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, leveraging partnerships, operational efficiency, and expanded access to investment capital.
He added that Nigeria’s crude oil production has already improved from 1.5 million barrels per day to about 1.7 million, driven by collaboration with local and international partners, as well as fiscal incentives under the PIA. The company also recently signed its first deepwater Production Sharing Contract in 15 years.
Highlighting Nigeria’s vast gas potential — estimated at over 600 trillion cubic feet equivalent — Ojulari said NNPC’s strategy aims to unlock this resource for industrialisation and regional economic leadership.
A key part of that plan is the Nigeria–Morocco Gas Pipeline Project, which will connect West African economies to Europe, expanding regional gas trade and integration.
“The pipeline aligns with our vision to make Africa a major global gas player while promoting economic integration, industrialisation, and sustainable development across participating nations,” Ojulari said.
NNPC is also finalising partnerships with international operators to upgrade its refineries to global standards, with a focus on technical expertise and shared investment responsibility.
Ojulari stressed that NNPC’s ongoing transformation is both commercial and developmental, aimed at expanding energy access and driving industrial growth across Africa.
“Our mission is clear — to build a transparent, competitive, and investor-ready energy company that delivers value to investors, governments, and communities alike,” he said.