…Targets 600Trn SCF Gas Reserves For Nigeria
The Group Chief Executive Officer of NNPC Limited (NNPCL), Engr. Bayo Ojulari, has hinted of plans by the management of the state-controlled company to list its shares in the New York and London stock exchanges as part of ongoing reforms to attract global investors to invest in the national oil firm.
Ojulari, who gave this hint during his speech at the recently concluded CERAWeek by S&P Global Conference in Houston, Texas, said the company’s management was exploring options in Initial Public Offerings (IPOs), for listing purposes in some select leading exchanges globally
According to him, in order to ensure a successful investment drive for the company, the management is prioritising structural and operational readiness focusing on transparency, governance, and performance to make it attractive to global investors rather than speed.
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He maintained: “Our strategy is not just about listing, but about building the right fundamentals, transparency, cost efficiency and world-class project delivery, that will make NNPC a company investors are eager to back.”
The GCEO explained the planned IPO formed a central pillar of NNPC’s broader transformation into a commercially driven and globally competitive energy company.
Noting that recent leadership restructuring, bringing together experienced internal professionals and experts from international oil companies, has strengthened the organisation’s capacity to deliver on this investment adventure, Ojulari confirmed that ongoing reforms in the NNPCL was yielding desired results based on improving investor confidence in its major project commitments.
He listed some of the feats as including the $20 billion Bonga Southwest deepwater development, a landmark deal enabled by innovative, project-specific incentives introduced by the government and the resolution of long-standing disputes that had delayed investments for nearly two decades in the deepwater asset operations.
Ojulari explained that NNPCL’s transformation was anchored on five strategic priorities, with production growth at the forefront, adding that the company is targeting oil output of two million barrels per day in the near term, rising to three million barrels per day by 2030.
In a related development, is also planning to increase Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet by attracting about $60 billion in investments into the gas sector.
The company’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, made this disclosure at the same forum in Houston, Texas.
A statement posted by the NNPCL on X at the weekend indicated that the industry expert reiterated that Nigeria was well-positioned to play a more significant role in global LNG and gas-based industry supplies, given its strategic positioning in the middle of the global gas market.
Earlier, at a panel session with the theme “The New Gas Order: Market Depth and the Reshaping of Global Trade”, Ogunleye explained that the current Strait of Hormuz shipping constraints linked to the US–Israeli attacks on Iran had further highlighted Nigeria’s unique positioning to be a major LNG and gas-based industries supplier due to its abundant gas resources and proximity to markets.
The X post partly reads: “He further clarified that the key deliverables of the NNPCL Gas Master Plan include providing commercial incentives for gas exploration and development to move Nigeria’s validated reserves from 210.5 tcf to the estimated potential of approximately 600 tcf, as well as exceeding the FGN mandate to grow gas production volumes by 4.6 bcfd (62%) between the end of 2025 and 2030, to 12 bscfd from the current 7.4 bscfd, as well as attracting $60 billion in additional gas sector investment.”
