10 Takeaways from NNPC GCEO Bashir Bayo Ojulari, during Interview with Bloomberg, on sidelines of 9th OPEC International Seminar, Vienna, Austria, July 2025
There’s a need to ensure a balance between energy availability/supply and the energy transition.
Nigeria targeting 2 million barrels per day by 2027 and 10 billion cubic feet of gas per day by 2027, up from about 7 billion cubic feet per day currently.
Nigeria’s oil production in March 2025 was about 1.56 million bpd, including condensate; by June 2025, it had risen to about 1.63m bpd.
The operating cost right now for crude oil production in Nigeria is somewhere between $25 and $30 a barrel, which is quite high.
Today Nigeria has 100% availability of its crude oil pipelines.
The Federal Government is enabling a shift in security approach in the Niger Delta from government policing to greater involvement of community-driven efforts, security agencies working with local surveillance groups, creating jobs and ensuring ownership.
NNPC is currently reviewing its refinery strategies, with the goal of concluding this review by the end of 2025, and then using the outcome of the review to make decisions as to the future of the state-owned refineries.
A reminder that Dangote Refinery is a commercial investment, not a government project. NNPC is keen to reduce government dominance in the oil and gas sector; and free up room for the private sector to thrive and invest and make returns.
600 million Africans do not have access to any form of electricity, and large numbers of women and children are at the mercy of firewood and charcoal for cooking and domestic use.
The global energy space needs more equity, especially for the global South. And we also need to take our destiny into our hands, ensuring that we use the energy we have for the benefit of our people.
