… we are not moved by resistance -Ojulari

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to attract a minimum of $60 billion in new investments to boost gas development and expand the nation’s refining capacity by an additional 500,000 barrels per day by 2030.

Bashir Bayo Ojulari, Group Chief eExecutiveOfficer stated this in Abuja on Thursday while receiving the leadership of the Nigeria Extractive Industries Transparency Initiative on a courtesy visit. He explained that the company was mandated to raise crude oil production to three million barrels per day by 2030, grow gas output to 20 billion cubic feet per day, and add 500,000 barrels per day of refining capacity.

According to Ojulari, the NNPC is central to the overall gas development for Nigeria, with the Ajaokuta-Kaduna-Kano (AKK) pipeline as the major game changer that will impact the economy significantly.

Ojulari explained that the NNPC gas and new business team is already engaging customers and off-takers to put in place the necessary structures that will drive growth beyond pipeline infrastructure.

According to him, the focus is not only on the Ajaokuta-Kaduna-Kano gas pipeline, but also on enabling businesses to thrive through power generation, industrial parks, and compressed natural gas (CNG) expansion projects that will spring up from the initiative.

He added that the company is also working on further expansion of the Escravos–Lagos Pipeline System (ELPS), which currently supplies the western corridor and supports industrialization around Lekki and other parts of the Southwest. In addition, plans are underway to extend the West African Gas Pipeline (WAGP) further north, stretching across Africa to Morocco.

Highlighting future opportunities, NNPC said it is pursuing strategic partnerships to accelerate growth in the sector.

“In terms of our own aspirations, you saw the mandate we got from the president around when we were appointed, around growing oil production to three million barrels per day by 2030, growing gas production to a minimum of 20 billion cubic feet per day by again, 2020.

“Our aspiration is to pitch that target on the gas. You’ve also noticed the refinery capacity where we are required to have additional refining capacity of 500,000 barrels per day by 2030. And to achieve that, we are required to bring in additional investment of minimum of $60 billion,” he explained.

According to him,  NNPCL was also considering the expansion of the West African Gas Pipeline to Morocco, alongside new industrial parks, gas-to-power schemes and compressed natural gas projects to maximise value.

He explained that the company will continue with its reforms to ensure development in the energy sector despite resistance, stressing that transparency and accountability remain at the heart of its operations.

He said the company had already embarked on internal reforms to improve reporting standards and strengthen compliance mechanisms.

“You have my commitment to increase and deepen transparency and accountability. In terms of our full compliance with the NEITI principles and the EITI global standards, you have my full commitment. We will provide all the data required for the 2024 and 2025 audits in the most efficient manner.

“We are now restructuring and resourcing the compliance department to be able to do things more sustainably. I want to hold him personally accountable for compliance in this respect.

“We know that major transformations cannot be achieved without resistance. We are determined to pursue this transformation. There will be bumpy rides, but we are not deterred because this journey is about Nigeria,” he added.

In his remarks, Orji Ogbonnaya-Orji, the Executive Secretary of NEITI, urged the leadership of NNPCL to restore and sustain critical disclosures that earned the company global recognition as a reform leader.

He said that as Nigeria’s flagship national oil company, NNPC must stand as a model of transparency, accountability, efficiency, and civic engagement,” he said, adding that individuals may come and go, but NNPC Limited must endure as a global energy giant.

Orji noted that recent reforms and investments had increased indigenous ownership of Nigeria’s oil and gas sector, stressing that transparency was vital to sustain such gains.

Noting that NNPC had previously set the pace by publishing audited financial statements, monthly operations and production reports, annual statistical bulletins, and FAAC statements, Orji warned that some of these disclosures had become irregular, delayed, or discontinued, creating gaps in public data.

“We respectfully urge NNPC Limited to restore and sustain all discontinued disclosures on its platforms,” he said.