By Chidi Ugwu
The global energy demand is projected to grow by over 25% by 2040, driven by industrialization and population growth in Africa and Asia, Mr. Bayo Ojulari, the newly appointed Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited has said.
Mr Ojulari gave the hint while speaking at the 2025 Oloibiri Lecture Series and Energy Forum, organised by the Society of Petroleum Engineers (SPE) Nigeria Council with the theme: ‘Driving Energy Sustainability Through Technology, Policy,and Supply Chain Excellence’ which held in Abuja on Thursday.
Represented by Mr. Udobong Ntia, the Executive Vice President, Upstream, Ojulari emphasized NNPC’s commitment to digital transformation, using technologies like AI and automation to improve asset reliability and reduce greenhouse gas emissions.
He also underscored the role of the Petroleum Industry Act in empowering NNPC as a commercial entity and the company’s initiatives towards a gas-led transition and green hydrogen feasibility studies.
Ojulari stressed the need for an inclusive energy transition that considers local realities, ensuring Africa’s energy future is both sovereign and inclusive.
He concluded by emphasizing that sustainability is a journey powered by technology, guided by policy, and anchored on a robust supply chain.
“According to the International Energy Agency’s World Energy Outlook, the published outlook annually, global energy demand is projected to grow by over 25% through 2040, driven largely by industrialization in Asia and, of course, the fast-growing population in Africa. African youth are estimated to grow into about 800 million people, just the youth alone in Africa. That’s amazing.
“In Africa, over 600 million people remain without access to electricity, a statistic that reflects both a development deficit and a glaring opportunity for energy inclusion. Here in Nigeria, oil and gas continue to represent over 85% of export earnings and contribute significantly to government revenue. But beyond revenue, our hydrocarbon wealth must now become a bridge to a broader, more sustainable energy future”.
Also speaking, Ahmed Galadima Aminu, Executive Secretary of PTDF, emphasized the forum’s importance as a platform for advancing Nigeria’s energy stability through innovation and collaboration.
Represented at the event by Mrs Ifeoma Nwokike, General Manager, Projects Department, Aminu highlighted PTDF’s commitment to capacity building and fostering partnerships that align with the nation’s energy security goals
In his remarks, Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has underscored the Commission’s commitment to driving energy sustainability through innovative regulatory frameworks and strategic initiatives.
Represented by Enorense Amadasu, the Executive Commissioner, Development and Production, Komolafe reiterated NUPRC’s five-pronged approach to regulatory enablement, including:”Introducing responsive regulations for clarity and efficiency; Advising government on strategic policies to enhance upstream operations; Promoting technology adaptation for optimized production; Supporting industry service providers and supply chain vibrancy, and Advancing decarbonization efforts to ensure environmental stewardship.
He highlighted key initiatives like the Project 1 Million Barrels Incremental Initiative, aimed at increasing Nigeria’s oil production sustainably by 2026, and the Nigerian Gas Flare Commercialization Program (NGFCP), which seeks to eliminate gas flaring while creating economic opportunities.
Komolafe also unveiled Nigeria’s Oil and Gas Decarbonization Blueprint, a comprehensive strategy to reduce emissions and foster cleaner technologies.
Calling for collaboration among stakeholders, Komolafe stressed that achieving energy sustainability requires unity across government, industry, and communities.
He reaffirmed NUPRC’s role as a business enabler focused on fostering growth while safeguarding environmental and socio-economic stability
“We in NUPRC join forces with all Wembley industry stakeholders to facilitate with SPE on the attainment of yet another milestone ever since the inaugural section of OLEM held in 1991. Congratulations to SPE Nigeria Council. We at NUPRC are proud to be associated with this illustrious organization whose ideas of enabling the industry to meet energy demand in a safe, environmentally responsible and sustainable manner are in alignment with those of the Commission” he said.
Earlier, in her welcome address, Engr. Amina Danmadami, Chairman of SPE Nigeria Council, emphasized the importance of optimizing oil and gas resources while embracing sustainability, highlighting the role of technology, such as AI-based predictive maintenance and enhanced recovery techniques, in improving efficiency and reducing environmental impact.
She also underscored the significance of aligning with the Petroleum Industry Act (PIA) to ensure transparency and investor confidence.
The forum featured prominent industry leaders, including representatives from NNPC Limited, NUPRC, and NMDPRA. Discussions focused on policy reforms, technological innovations, and supply chain optimization to strengthen Nigeria’s energy security and economic development.
OLEF 2025 also served as a platform for collaboration among policymakers, technocrats, and industry leaders.
Participants were urged to leverage strategic partnerships to foster energy diversification and reduce greenhouse gas emissions
