Energy
NNPC Ltd Eyes Listing on New York, London Exchanges
As part of ongoing reforms to reshape the national oil firm to attract global investors, the Nigerian National Petroleum Company Limited (NNPC Ltd) plans to list its shares at leading international stock exchanges.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the revelation at an industry forum at the recently concluded CERAWeek by S&P Global Conference in Houston, Texas.
According to Ojulari, the NNPC Ltd is laying the foundation for an Initial Public Offering (IPO), with potential listings in financial hubs such as New York and London under consideration.
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He stressed, however, that the company is prioritising structural and operational readiness over speed, focusing on transparency, governance, and performance to make it attractive to global investors.
“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,” he said.
According to him, the planned IPO forms a central pillar of NNPC Ltd’s broader transformation into a commercially driven and globally competitive energy company.
Ojulari noted 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 ambition.
He said the company’s reform agenda is already yielding results, with renewed investor confidence reflected in major project commitments.
Chief among them is the $20 billion Bonga Southwest deepwater development, which Ojulari described as a landmark deal enabled by innovative, project-specific incentives introduced by the Federal Government.
According to him, the resolution of long-standing disputes that had delayed investments for nearly two decades has further improved the investment climate, while renewed interest from international oil companies in deepwater assets signals a shift in sentiment towards Nigeria.
Ojulari explained that NNPC Ltd’s transformation is anchored on five strategic priorities, with production growth at the forefront.
He added 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.
He stressed that gas production is also set for significant expansion, supported by a comprehensive infrastructure rollout aimed at linking key regions across the country.
He noted that the gas expansion programme will drive industrialisation, boost power supply and create jobs, reinforcing Nigeria’s broader economic growth objectives.
In the downstream segment, he said NNPC Ltd is seeking to reposition Nigeria as a refining and petroleum distribution hub for sub-Saharan Africa.
Ojulari highlighted ongoing investments in refining capacity, as well as the expansion of compressed natural gas (CNG) and liquefied petroleum gas (LPG) distribution nationwide.
Beyond operational growth, Ojulari emphasised that achieving IPO readiness requires disciplined execution and financial sustainability.
He disclosed that NNPC Ltd has undertaken a review of its asset portfolio, exiting non-performing ventures and focusing on commercially viable projects capable of delivering consistent returns.
He also highlighted a shift in corporate culture, with NNPC Ltd aiming to become a “partner of choice” for investors.
The separation of its former regulatory functions under the Petroleum Industry Act, he said, has created a clearer and more transparent operating environment, improving trust and collaboration with partners.
As part of its IPO preparation, he stated that the company is also investing heavily in human capital development.
Ojulari said NNPC is strengthening its workforce through training, global partnerships and internal capacity-building initiatives, including efforts to prepare staff for emerging technologies such as artificial intelligence.
He added that the company is breaking down internal silos and adopting an integrated approach across its upstream, midstream and downstream operations to maximise value and improve efficiency, key metrics that investors will scrutinise ahead of any listing.
Reiterating Nigeria’s readiness for business, Ojulari said NNPC Ltd remains committed to innovation, strong governance and mutually beneficial partnerships, positioning the company as a compelling investment opportunity on the global stage.
Energy
N4bn Compensation Dispute Threatens Ikot Abasi Power Project
Nearly 20 years after the Federal Government awarded the contract for the 330kV Ikot Abasi Transmission Line, the Niger Delta Power Holding Company Limited (NDPHC) has turned to the Akwa Ibom State Government to break a N4 billion compensation deadlock threatening the completion of the strategic power project.
The transmission project, awarded in 2006 under the National Integrated Power Projects (NIPP), has remained stalled primarily over unresolved community and wayleave compensation issues.
But, to ensure the completion of the project, NDPHC Managing Director/Chief Executive Officer, Jennifer Adighije, is now seeking the intervention of Akwa Ibom State Governor, Pastor Umo Eno, to clear the outstanding issues and enable the contractor, Anit Energy, to return to site.
Adighije made the appeal during a courtesy visit to the Governor in Uyo, Akwa Ibom State.
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She disclosed that the latest valuation of the outstanding wayleave obligations was slightly below N4 billion.
The NDPHC boss said the prolonged delay was particularly concerning because the contractor had reportedly completed about 90 per cent of the engineering, procurement and construction procurement for the project.
She added that substantial project materials, including conductors and tower members worth millions of dollars, had already been deployed along the project corridor between Adiasim and Ikot Ekpene, but were still lying across communities as the impasse persists.
“We are therefore pleading for your kind intervention as a shareholder and board member of the company,” Adighije told the governor.
According to her, resolving the outstanding community issues would allow the contractor to remobilise to site and bring the long-delayed project to completion.
NDPHC is now targeting May 29, 2027, for commissioning of the transmission line, subject to the successful resolution of the outstanding compensation and community challenges.
Adighije said NDPHC was keen to support the state’s development ambitions through its role as a major interventionist agency in Nigeria’s electricity sector.
“We want to be part of your ARISE Agenda,” she said, referring to the governor’s development programme.
She also welcomed the establishment of the Akwa Ibom State Electricity Regulatory Commission, saying NDPHC had commenced discussions with the commission on the development of appropriate electricity-market frameworks for the state.
According to her, officials of the commission had visited NDPHC and requested information on the company’s projects in Akwa Ibom, while a joint working group was being established to examine how the assets could be better utilised and electricity access extended to underserved communities.
Also speaking, NDPHC Executive Director, Strategy and Commercial, Mr. Patrick Obahiagbon, commended the Governor’s administration for its development initiatives across the state.
Responding, Governor Eno welcomed the NDPHC initiative and pledged to take the Ikot Abasi project before the State Executive Council for consideration. The governor said the state government would examine the outstanding issues and determine how it could intervene to facilitate the completion of the project.
Energy
Nigeria-Libya Gas Pipeline as FG Eyes New LNG Markets
There are indications that the Nigeria-Libya Gas Pipeline would go from the drawing board to reality, as it has emerged as a major option to help Nigeria break into new markets for her gas reserves.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed this at Gastech 2026 in Bangkok, Thailand, during a high-level engagement with global energy companies, investors and governments on expanding Nigeria’s gas production, infrastructure, domestic utilisation and export markets.
The renewed push for the Nigeria-Libya pipeline topped the agenda for the meeting between Ekpo and Libya’s Minister of Oil and Gas, Dr Khalifa Rajab Abdulsadek.
Under the proposed framework, Nigeria and Libya are expected to explore a Memorandum of Understanding (MoU) and establish a joint technical team to assess the feasibility, financing, infrastructure requirements, security considerations and commercial viability of the project.
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The NNPC Limited is expected to spearhead Nigeria’s participation in the bilateral initiative. If developed, the pipeline would provide another potential route for transporting Nigerian gas through North Africa to European markets, giving Nigeria an additional platform to monetise its gas resources beyond existing LNG channels.
According to Ekpo, the Federal Government was determined to create an investment environment capable of attracting the capital, technology and strategic partnerships required to convert the country’s gas reserves into economic growth, industrial development and jobs.
“Nigeria is open for business. We have put in place the right fiscal policies and operating environment, and the security of investors and their investments is guaranteed,” he said.
He revealed that the NNPC Limited would play a central role in translating Nigeria’s bilateral energy engagements into commercially viable projects, strategic investments and sustainable development.
The minister’s engagements also revealed plans by major industry players to significantly ramp up domestic gas production and infrastructure.
Energy
Gas Industry Must Commercialise Methane – NLNG
Gas producers must stop treating methane reduction as an environmental cost, because methane released into the atmosphere represents lost gas, lost revenue and lost energy that could otherwise be recovered and sold.
The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG) Adeleye Falade, made the declaration during a panel titled “Capturing the Lost Opportunity: Driving Global Alignment on Methane Abatement Across Natural Gas Supply Chains,” at the Gastech 2026 Exhibition and Conference in Bangkok, Thailand.
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Taking from the company’s experience, he highlighted that investments in methane abatement could pay for themselves while improving plant efficiency and asset reliability.
The NLNG CEO said the commercial value of recovering lost gas should become a central part of the global industry’s approach to methane management.
“Every tonne emitted is lost product, lost revenue and lost energy; gas we could have sold. Every molecule of methane avoided is both an emissions reduction and a recovered energy resource.”
According to him, the NLNG’s new boil-off gas compressor and start-up gas recovery project demonstrate the business case for methane reduction, with each project expected to deliver methane reductions of about 10–15 percent while also recording positive projected net present values. “The most compelling business case is the simplest one: the projects that cut our methane also pay for themselves.
“The same discipline that reduces methane also improves asset reliability and plant efficiency. The returns show up in more places than the emissions ledger,” Falade said.
He added that the starting point for methane abatement was credible measurement of gas losses, which enables companies to identify where methane is being lost, channel investment towards the right interventions and independently verify the results.
According to Falade, the NLNG had demonstrated that producers in developing economies could meet globally recognised standards for emissions measurement and reporting, despite infrastructure and other constraints.
He disclosed that the NLNG had achieved Gold Standard recognition under the Oil and Gas Methane Partnership (OGMP) 2.0 and became the first company in Africa to attain Level 5 methane emissions reporting.
Its measurement, reporting and verification system is independently assured by DNV in line with ISO 14064.
The NLNG’s methane-management programme includes site-wide optical gas imaging, a structured Leak Detection and Repair programme, as well as phased deployment of continuous monitoring and real-time emissions dashboards across its plant and vessels.
Falade said methane reduction was also being incorporated into the design of Train 7, which is expected to raise the NLNG’s LNG production capacity from 22 million tonnes per annum to 30 million tonnes.
The commercial case for emissions abatement was not new to Nigeria, he added, pointing to the NLNG’s longstanding role in converting gas that would otherwise have been flared into a marketable product.
According to him, the company’s activities have contributed to reducing Nigeria’s gas-flaring rate from above 65 percent to below 20 percent.
Beyond its own operations, Falade revealed that the NLNG was extending methane-management requirements across its supply chain through its Scope 3 Advocacy Plan.
The company engages feed-gas suppliers and contractors to measure, disclose and reduce emissions, while verified upstream emissions data and emissions-related criteria are incorporated into supplier selection and evaluation.
Falade also called for greater consistency in methane measurement and reporting requirements across jurisdictions, arguing that divergent standards make enforcement uneven and complicate meaningful comparisons between producers.
“The industry does not need weaker standards; it needs stronger, shared ones backed by real measurement,” he said.
On the tension between emissions reduction, energy access and affordability, Falade said developing economies should not be forced to choose between economic development and climate action.
“Developing economies cannot be asked to choose between economic development and emissions reduction. Both must progress together,” he said.
Other panellists were Zubin Bamji of the World Bank, Niels Dijksman of Brunei LNG and Hiroyuki Mori of JOGMEC.
The session was moderated by energy economist Dr Carole Nakhle of Crystol Energy.





