Port Harcourt Refinery Rehabilitation Nears Completion, NNPC Assures

The Nigerian National Petroleum Company Limited (NNPCL) has formally declared that it would not sell the Port Harcourt Refining Company and has reaffirmed its intention to retain the plant and carry out excellent rehabilitation.

The corporation said in a statement on Wednesday that Bashir Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPC Limited, made the announcement during a town hall meeting held for the entire business on Tuesday at the NNPC Towers in Abuja.

“It’s not a shift situation,” he said. Instead, the refineries in Port Harcourt, Kaduna, and Warri are the subject of continuous, in-depth technical and financial analyses.

According to the ongoing study, the previous choice to run the Port Harcourt refinery before its rehabilitation was finished was ill-informed and sub-commercial, Ojulari stated.

Even though all three are making progress, the statement added, the new view necessitates more sophisticated technical collaborations to finish and upgrade the Port Harcourt refinery’s restoration. Selling is therefore quite improbable because it would cause more value depreciation.

His comments at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he told Bloomberg that “all options are on the table,” sparked a lot of conjecture before the announcement.

Regarding the country’s refining assets, the remark generated headlines and conjecture.

Hundreds of work members responded to the announcement with cheers, characterizing the role as a revitalized feeling of business-oriented guidance throughout the company.

The town hall was more than just a performance review, according to the statement; it was a chance for open and productive discussion.

In their presentations, the executive vice presidents highlighted operational accomplishments, continuing changes, and areas that needed attention from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses.

Challenges and past mistakes were acknowledged, and a clear road map for the future was laid out in a tone that was characterized by leadership and honesty.

According to the statement, the declaration demonstrates NNPC’s strong commitment to completing the restoration and ensuring the long-term sustainability of Nigeria’s refineries, as well as its responsibility as a key custodian of the country’s energy infrastructure.

Keeping vital assets under national control and maintaining continuity in the Federal Government’s larger energy security goals are also indicated by this.

Read Also: Kalu: Atiku Has What It Takes to Lead Nigeria in 2027

Feedback from the workshop, both during and after, indicated that the workforce was motivated and in line with the leadership’s goals.

Referred to as “reassuring,” “transformational,” and “sustainable,” the environment demonstrated a positive perspective among staff members and optimism for the company’s changing strategic direction.

According to Ojulari’s conclusion, “NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians.” The NNPCL Drills Four Oil Wells in Bauchi’s Kolmani Four oil wells have been sunk by the Nigerian National Petroleum firm Ltd. in the Kolmani region of Bauchi State, according to Mr. Yusuf Usman, a director of the firm.

Furthermore, he reiterated the company’s dedication to exploring and developing oil and gas resources in the country’s northern region.

During the two-day interactive Session on Government-Citizens Engagement hosted by the Sir Ahmadu Bello Memorial Foundation in Kaduna on Wednesday, Usman made this statement.

According to Usman, “The NNPCL has drilled four wells in the Kolmani region of Bauchi State thus far, and is now assessing the best technology to be used for the subsequent drilling phase.”

Five CNG and Liquefied Natural Gas (LNG) plants are being built in Kogi as part of President Tinubu’s Compressed Natural Gas Program.

“Gas supply and accessibility throughout the northern region are anticipated to be improved by these plants.”