At the just-concluded OPEC seminar in Vienna, where the global oil and gas elite gathered to shape the future of energy, Nigeria found its voice in a man long groomed for moments like this, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPC Ltd, Bayo Ojulari. His presence was not only symbolic of a leadership transition but also a declaration that Nigeria is poised to lead with purpose in the evolving global energy equation.
Ojulari, an industry veteran with over 30 years of international oil and gas experience, spoke with the calm confidence of a technocrat and the firm poise of a statesman. Standing just outside the epicenter of policy debates at the Vienna conference, he addressed the decision by OPEC+ to accelerate the return of extra oil barrels to the market, a move that could sway global oil prices.
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“The geopolitics of oil and gas require balance,” he said. “OPEC and OPEC+ exist to maintain that balance. It’s about supply availability and pricing. This decision supports both producers and consumers. It was the right thing to do.”
Ojulari’s remarks came as optimism surged through the energy community. The newly released World Oil Outlook, presented at the seminar, predicted strong demand for crude oil not just in the near term, but across the coming decades. Ojulari called that optimism realistic. He pointed to the delays in fossil fuel investments over recent years due to aggressive energy transition pressures. Now, as renewable progress lags and global demand holds steady, those delayed investments are making a comeback. “That gap,” he noted, “is what is fueling the current recovery.”
For Nigeria, this moment is as much about growth as it is about regaining trust in its capacity. Ojulari, who now leads Africa’s largest national oil company, made it clear that Nigeria remains aligned with OPEC’s strategic goals but is also ramping up its own production ambition. The target is 2 million barrels of oil per day and 10 billion cubic feet of gas per day by 2027.
“We’ve already started the climb,” he said. “From 1.56 million barrels in March, we’re now at about 1.63 million. By year-end, we’re aiming for 1.9 million barrels per day.”
Still, he acknowledged the persistent challenge of high production costs. Nigeria’s average operating cost hovers above $20 per barrel, with total costs reaching $25 to $30. Ojulari attributes this to increased investment in pipeline security, a necessary expense that has delivered 100 percent pipeline availability for the first time in years. “Security wasn’t a quick fix,” he said. “We had to align government policies, partner with local surveillance teams, and rebuild trust in host communities. Today, community-driven security is making a real difference. That’s where my optimism lies.”
The discussion turned to Nigeria’s long-troubled refining sector. Ojulari, who brings deep operational insight from his years at Shell, did not sugarcoat the situation. “Some of the technologies deployed have not worked as expected. These refineries are old and were long abandoned. It’s proven more complex than initially planned.” A comprehensive review of refinery strategy is now underway and expected to conclude by the end of the year. Could this lead to divestment? “It’s possible,” Ojulari said. “All options are on the table.”
Even the Dangote Refinery, though a private investment, featured in the conversation. As a minority shareholder, the Nigerian government has no control over sourcing decisions, but Ojulari is working to increase the supply of Nigerian crude to the facility. “We support a willing-buyer, willing-seller framework. We want a market-driven economy. It’s not about policy mandates, but commercial logic.”
Perhaps Ojulari’s most striking intervention at the Vienna seminar came when he addressed what he termed “financial weaponisation” of energy policy against Africa. In a passionate appeal to international financial institutions and Western governments, he challenged what he saw as hypocrisy in the enforcement of energy transition rules.
“Africa has long exported energy to the Global North, yet we remain energy poor. Over six million people in Africa lack access to reliable energy. In southern Africa, women and children still rely on firewood and charcoal, leading to grave health challenges and unnecessary deaths. The energy transition must not be a tool for suppressing Africa’s development.”
Ojulari emphasized the need for fairness. “We’re not asking for favors. We’re asking for equity. We support the transition to renewables, but we must be allowed to provide energy to our people in the meantime. Africa needs capital, not condemnation. We need collaboration, not exclusion.”
A son of Kwara State and a graduate of Ahmadu Bello University, Ojulari brings to his new role not just deep technical expertise but an understanding of global energy economics and local realities. He began his career at Elf Petroleum Nigeria in 1989 and rose through the ranks at Shell, holding key roles across Africa, Europe, and the Middle East. He once led Shell Nigeria Exploration and Production Company and most recently served as Chairman of BAT Advisory and Energy, a company focused on upstream and midstream investment.
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Known as a people-centered leader, Ojulari balances his technical skill with a love for music, dance, and connecting with people. That human touch, combined with his engineering acumen, may be exactly what Nigeria’s energy industry needs at this turning point.
As the OPEC seminar concluded, Ojulari’s message resonated well beyond the conference halls. Africa will not be left behind. It seeks a seat at the table, not just as a resource provider, but as a strategic partner in shaping the future of global energy. “The Global South must take its destiny into its own hands,” he said. “And we invite the Global North to walk with us, not ahead of us.”
With Ojulari at the helm of NNPC Ltd, Nigeria’s energy sector may be entering a new era, one guided by experience, ambition, and a commitment to global equity.
