The Managing Director of NNPC 18, a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), Ibiyemi Asaolu, said upstream consolidation should be pursued where it creates value and supports profitable growth, cautioning that any increase in scale must be matched by a clear understanding of risks and exposures that come with it.
Asaolu made the remarks during a strategic panel titled “Upstream consolidation: competitive advantage and the limits of scale" at the ongoing 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, UAE.
In her remarks, Asaolu explained that consolidation is most effective between companies that share common ground and aligned business plans, with stakeholders united behind the same vision and a sound fit between the cultures of the organisations involved.
Drawing on the experience of NNPC 18, she disclosed that the company has increased its production over the past 12 months through close attention to its operations, an expanded security arrangement for its assets and appraisal work extending into deeper horizons.
Asaolu, who observed that capital is finite, noted that companies must rationalise their portfolios, close out underperforming projects and direct investment towards their largest prospects.
The panel was moderated by Ms. Olivia Kinghorst, International MC / Moderator, and also featured Dr. Ranjit Rath, Chairman and Managing Director, Oil India Limited.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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