The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company Limited (NNPC), Engineer Bashir Bayo Ojulari, has said the national oil company’s new business model is centred on efficiency value creation and competitiveness, which encompasses restructuring joint ventures, monetising assets, and investing in critical infrastructure across the value chain.

Ojulari made the remarks while delivering a keynote address at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025) held at the Transcorp Hilton, Abuja, on Wednesday, themed “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production.”

According to him, every oil and gas molecule is critical to national prosperity and energy security‎ , which highlights NNPC’s focus on operational excellence and investor confidence, driven by the provisions of the Petroleum Industry Act (PIA) and global market dynamics.‎

The NNPC GCEO added that the future of Nigeria’s oil and gas industry is hinged on strong Environmental, Social, and Governance (ESG) practices saying investors not only view energy companies through the prism of what they produce but responsibility displayed through the process while stating that the country’s oil and gas sector must translate into concrete reforms across operations, governance and partnerships needed to succeed.

“With the Petroleum Industry Act (PIA), we now have a framework to transform our investment climate. NNPC Limited is now operating under a new business model, focused on value creation, competitiveness, and efficiency. This includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure across the value chain.

“Today, oil and gas companies are judged not only by what they produce, but how they produce it. Environmental stewardship, social responsibility and sound governance are now critical metrics for accessing capital, winning community support and sustaining growth. NNPC Limited has initiated an Energy Transition Roadmap, reducing our carbon footprint, investing in gas as a transition fuel, and improving transparency. Every additional barrel and gas molecule contributes directly to national prosperity and energy security,” Ojulari said.

‎Lauding PENGASSAN for its crucial role in contributing to Nigeria’s energy workforce, Ojulari stressed the need for collaboration among PENGASSAN, labour unions, investors, government, and industry stakeholders in de-risking the environment and creating an atmosphere for sustainable economic growth.

PENGASSAN President, Comrade Festus Osifo, in his remarks, applauded President Bola Tinubu’s government for coming up with a policy that has led to an increase in production and also attracted investment to Nigeria’s oil and gas sector.

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