The Federal Government has appointed Bayo Ojulari as the new Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC) following the removal of Mele Kyari.
The appointment, which was confirmed on Tuesday, signals a fresh phase in the country’s oil and gas sector as authorities intensify efforts to stabilise production and strengthen energy sector reforms.
Ojulari, a mechanical engineer by training, brings over three decades of executive and technical experience to the role. He has served in leading capacities across upstream, midstream and advisory segments of the global oil and gas value chain.
His career includes over 24 years with Shell, where he held key positions across Nigeria, Europe, and the Middle East, including as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo).
During his tenure at SNEPCo, Ojulari oversaw deep-water production assets with a daily capacity exceeding 300,000 barrels.
Under his leadership, the company recorded notable operational improvements, including enhanced production output, optimized project costs, and the successful resolution of complex commercial agreements.
He was also instrumental in facilitating multi-billion-dollar production sharing contracts, positioning key assets for sustainable long-term output.
Ojulari assumes office at a time when Nigeria’s oil sector is under pressure to address persistent production shortfalls, security breaches on critical pipelines, and growing competition from emerging African producers.
Nigeria’s average daily crude oil production has remained consistently below the OPEC-approved quota, creating significant fiscal strains and undermining budgetary projections.
The new NNPC leadership is expected to drive efforts toward achieving production above two million barrels per day while prioritizing value extraction for the federation.
This includes addressing legacy challenges such as oil theft, aging infrastructure and limited investment inflows, which have combined to erode Nigeria’s competitiveness in the global oil market.
Ojulari is expected to align the NNPC’s strategy with the ongoing implementation of the Petroleum Industry Act (PIA), which mandates NNPC Limited to operate as a commercially viable and profit-oriented entity.
Market analysts view the appointment as a deliberate attempt to reposition the national oil company for improved governance, enhanced transparency, and long-term profitability.
Ojulari has also served as chairman and technical advisor to several private energy companies, contributing to transactions exceeding $2 billion in recent years.
His broad exposure to international markets and commercial structuring is expected to play a crucial role in managing joint ventures, attracting new investments and renegotiating existing partnerships to favor the national interest.
The appointment is coming amid President Bola Tinubu’s ongoing policy realignments across key economic sectors, with particular emphasis on improving Nigeria’s energy security and fiscal stability.
Ojulari is expected to immediately engage stakeholders on stabilizing production, unlocking new exploration prospects, and addressing critical infrastructure deficits as part of a broader plan to revamp Nigeria’s upstream oil sector.
