For Nigeria to remain competitive in the oil and gas industry and attract more investors, efforts must be made to adopt strong Environmental, Social, and Governance (ESG) practices.
This was the submission of the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, at the 2025 Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025) in Abuja, on Wednesday.
While delivering a keynote address themed Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production, Mr Ojulari noted that global investors and communities alike now judge energy companies not only by what they produce but how responsibly they produce it.
“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 has initiated an Energy Transition Roadmap—reducing our carbon footprint, investing in gas as a transition fuel, and improving transparency.” he revealed at the event.
He also reaffirmed the company’s strategic direction towards value creation, competitiveness and efficiency as the foundation of its new business model, noting the renewed focus on operational excellence and investor confidence, driven by the provisions of the Petroleum Industry Act (PIA) and global market dynamics.
“With the Petroleum Industry Act (PIA), we now have a framework to transform our investment climate. NNPC 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,” Mr Ojulari reiterated, stressing the need for stakeholder alignment to unlock stranded assets and boost incremental production through smarter, coordinated actions across the value chain.
He called for collaboration between PENGASSAN, labour unions, investors, government and industry stakeholders towards assuring stability, de-risking the environment and creating conditions for sustainable growth. Every additional barrel and gas molecule contributes directly to national prosperity and energy security, he added.
While commending PENGASSAN for its pivotal role in strengthening Nigeria’s energy workforce, the NNPC chief reaffirmed the organisation’s commitment to innovation, collaboration, and national development urging all stakeholders to embrace resilience as a deliberate choice for the future.
Earlier, the president of PENGASSAN, Mr Festus Osifo, said the long-term sustainability of Nigeria’s oil and gas industry hinges on a collective commitment to environmental stewardship, embedded in upholding robust corporate governance.
Mr Osifo commended President Tinubu for laying a strong foundation for achieving incremental production and attracting investment, citing the recent signing of executive orders aimed at shortening the contracting cycle, supporting non-associated gas development, extending the duration of third-party contracts and introducing performance-based tax incentives.
The PEALS Summit brought together senior government officials, industry captains, labour leaders, and stakeholders to deliberate on strategies to strengthen Nigeria’s oil and gas sector amid global energy transition pressures.