CERAWeek: Global partnerships remain critical in de-risking Nigeria's deepwater assets - Ojulari

The Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari has asserted that global partnerships remain critical in de-risking Nigeria's deepwater assets.

Ojulari made this declaration at the ongoing CERAWeek 2026.

Speaking during a fireside chat anchored by Dan Pratt, S&P Global’s Senior Vice President, Upstream Solutions, Ojulari noted that global players like Shell and Eni bring not only capital but execution capability, technology, and project discipline particularly for assets like OPL 245 and other deepwater developments.

"Capital goes where value is clear, and Nigeria has that value," he stated, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country's immediate energy needs with its long-term transition ambitions.

Ojulari further explained that Africa remains dependent on hydrocarbons for revenue and foreign exchange, making sustained upstream production non-negotiable. Additionally, with over 600 trillion cubic feet of proven reserves, gas represents not merely a transition fuel but a strategic economic lever for industrialisation and energy security across the continent.

According to the GCEO, "Nigeria is the reliable destination for energy investment the world needs. The country has positioned itself as a dependable supplier, riding on the established legacies of stable policies, improved energy infrastructure security, partnerships, and, lastly, the orientation of the government. The President has given NNPC the autonomy to act on its behalf and consolidate commercial solutions that are long-lasting."

"Balance is not about equal allocation; it is about optimal sequencing," Ojulari stated, outlining a portfolio where oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined.

Addressing Nigeria's long-discussed gas potential, the GCEO noted that what is different now is execution discipline. Three key enablers are receiving focused attention: commercial pricing across the value chain, critical infrastructure like the AKK (Ajaokuta-Kaduna-Kano) pipeline, and bankable contracts that provide investor certainty.

On the balance between domestic gas needs and LNG exports, Engr. Ojulari described a dynamic approach of portfolio optimisation allocating gas where it delivers the highest combined national and commercial value.