April 20, 2024
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OIL & GAS RENEWABLE ENERGY

NNPC’s Ongoing Transformation Driven by Transparency and Innovation

The Executive Vice President of Gas, Power, and New Energy at the Nigerian National Petroleum Company Ltd. (NNPC), Mr. Olalekan Ogunleye, highlighted transparency, accountability, research, technology, and innovation as pivotal drivers of the company’s ongoing transformation.

Speaking at a Panel Session on the third day of the CERAWeek Conference in Houston, United States, Ogunleye stressed NNPC’s commitment to modernizing its operations under the leadership of Mr. Mele Kyari.

Addressing the theme “Africa’s Energy Future: Access, Investment & Sustainability,” Ogunleye emphasized NNPC’s adoption of modern technology to enhance operational efficiency, thereby positioning the company competitively on the global stage.

He attributed NNPC’s transformation to the institutionalization of transparency and accountability, core values crucial for the company’s future IPO plans.

With the enactment of the Petroleum Industry Act (PIA) in 2021, NNPC has evolved into an integrated commercial entity, prioritizing transparency and accountability to attract potential investors.

Ogunleye lauded NNPC’s strides in setting high standards and emphasized the company’s unwavering commitment to transparency, accountability, and performance excellence.

“Over the last five years, the NNPC Ltd. has been pushing the agenda of transparency, accountability and performance excellence. I am glad to say that we are setting very high standards, and this is a journey that we are all committed to going forward,” Ogunleye added.

Describing NNPC’s future prospects as promising, Ogunleye reaffirmed the company’s dedication to delivering value to shareholders by aligning its processes with global best practices. He emphasized the pivotal role of gas in Africa’s economic development, advocating for sustained efforts to promote gas as a primary energy source.

NNPC remains at the forefront of Nigeria’s gas commercialization endeavors and flare elimination, reflecting its commitment to accelerating gas development and utilization. Ogunleye called upon industry stakeholders to advocate for gas as a catalyst for economic and industrial growth across the continent.

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