NNPCL CEO, Bayo Ojulari has hinted at possible sale of all Nigerian Refineries.
NewsOnline Nigeria reports that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has revealed that the company is considering selling off Nigeria’s state-owned refineries as part of a major strategic review.
Speaking during an interview with Bloomberg at the 9th OPEC International Seminar in Vienna, Ojulari acknowledged that efforts to rehabilitate the country’s aging refineries have faced significant technical and operational setbacks.
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Ojulari noted that despite restarting operations at the Port Harcourt refinery in November 2023, it was shut down again in May 2025 for maintenance, while rehabilitation work continues at the Warri and Kaduna refineries.
“We’ve made a lot of investments over the years and brought in various technologies, but the process has been more complicated than expected,” Ojulari said. “When dealing with old refineries that have been abandoned for years, challenges are inevitable.”
He confirmed that NNPCL is currently reviewing its entire refinery strategy, with plans to finalize the assessment by the end of the year.
Ojulari didn’t rule out the possibility of selling the refineries, saying:
“All options are on the table. A sale is not out of the question. The final decision will depend on the outcome of the review.”
On Nigeria’s oil production costs, Ojulari revealed that operating expenses range between $25 and $30 per barrel, mainly due to heavy investment in pipeline security, which has now resulted in 100% pipeline availability.
Despite the cost challenges, he said NNPCL remains focused on boosting production and aims to increase oil output to 1.9 million barrels per day (bpd) before the end of 2025.
