NNPC Receives Report In Aramco-Style IPO Plan, Lays Out $70Bn In Projects’ FIDs – Ojulari Speaks On Timeline For Listing

○ IPO Gap Filling On Governance construction, reporting construction Ongoing – NNPC CEO offers insights at ADIPEC, Says We’re Not Joking On Listing

ABU DHABI, UAE — The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bashir Bayo Ojulari, has disclosed that NNPC has concluded the evaluation part for its deliberate Initial Public Offering (IPO) and is now within the gap-filling stage.

NOP NIGERIA reviews that Ojulari spoke throughout an Energy Talk moderated by John Defteterios, Chairman, MENA APCO Board Member, SEforALL, titled “Nigeria Reform Agenda: Competing For Energy Capital,” on the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi.

And in keeping with the NNPC helmsman, the identical advisers who dealt with the historic Saudi Aramco IPO are dealing with NNPC’s.

“We’re moving slowly towards being IPO ready as a company. So, we’re not just sitting there, and the commitment of the board and the shareholders is quite significant,” Ojulari mentioned.

On the timeline for itemizing, Ojulari was measured however revealing: “We don’t have a specific timeline yet, and I’ll tell you why. We’ve completed the business and assessment. We’re using the same advisers that did the IPO for Aramco, just to give you back, we were not joking with this.”

He added: “As at September, they’ve done the business and report for us, so we know where we are. We’re working on the gap filling over the next one year, because there’s a lot of work in terms of the governance structure, the reporting structure, and some of the structural consolidation.”

Ojulari mentioned that by the point the subsequent part of hole closure is completed, NNPC can be in a greater place to announce a definitive itemizing date, however careworn that the true prize is past the itemizing itself.

“What we see as the biggest benefit is not just the listing itself, it’s the structural consolidation in terms of operational efficiency and the governance that we think will be one of the early benefits that put NNPC on that global stage,” he declared.

The NNPC CEO, who marked 19 months on the job, used the worldwide stage to put out a $70 billion challenge pipeline that proves Nigeria’s partnership with International Oil Companies (IOCs) is alive and thriving.

He listed Bonga North, a $5 billion step-out challenge anticipated on stream subsequent 12 months; tasks with TotalEnergies value $1.3 billion headed for FID; Bonga South-West, the $20 billion flagship the place industrial phrases have been agreed; and Zabazaba, a $10 billion challenge whose long-running dispute with regulators has been resolved.

“Overall, I will say we’ve already locked in a $20 billion incremental good project committed, and we have about $50 billion good project that are in your horizon that we’re maturing over the next 2-3 years,” he mentioned.

Ojulari additionally revealed NNPC is constructing new alliances past its conventional companions Chevron, ExxonMobil, Shell and ENI, together with deepening ties with ADNOC which is already in some main tasks, and new Chinese traders eyeing Nigeria.

But he admitted a serious bottleneck stays: service capability. “We need to look at the presence of company like Schlumberger in country… We’re beginning to see operators purchase rigs. We have some operators that have purchased up to 10 rigs. That is not normal.”

On reforms, Ojulari credited President Bola Tinubu’s government orders implementing the Petroleum Industry Act (PIA) 2021 for the turnaround, noting rig rely has jumped from 17 final 12 months to 22 and funding selections have surged.

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He maintained NNPC’s formidable manufacturing goal: “Our ambition is to achieve 2 million barrels by 2027… We’re still quite determined to deliver 3 million next year. We have all our projects lined up.”

On gasoline, Ojulari painted an thrilling home and export image. He mentioned President Tinubu’s CNG push after subsidy elimination has delivered over 400 conversion stations, almost 250,000 automobiles transformed, and over 1,000 petroleum vans now operating on CNG, with a goal of 1,000 stations by finish of subsequent 12 months.

He confirmed the strategic OB3 pipeline, with capability for 1 bcf of gasoline, is one hundred pc accomplished, whereas the Ajaokuta-Kaduna-Kano (AKK) line will carry gasoline to Abuja for energy earlier than year-end and to Kaduna and Kano industrial hubs subsequent 12 months.

On LNG, he mentioned Nigeria LNG’s Train 7 commissioning subsequent 12 months will carry output from 22 million tonnes to 30 million tonnes, whereas a structured worldwide divestment spherical to be concluded Q1 subsequent 12 months is already attracting 2-3 FLNG proposals for long-stranded shallow water gasoline.

Ojulari closed with a promise of sustainability, execution excellence and transparency, noting NNPC revealed its audited accounts publicly for the primary time final 12 months and once more this 12 months: “For us, the track record is not about what we say, it’s about what we do.”

NOP NIGERIA