NNPC Ltd’s Group CEO, Bayo Ojulari, reiterated the corporation’s utmost commitment to ramping up the nation’s crude oil production in line with President Ahmed Bola Tinubu’s directives through collaborative alliances with relevant corporate bodies and organizations such as Wood Mackenzie.

Mr. Ojulari expressed this corporation’s ambitious goal when the Wood Mackenzie CEO Jason Liu and his team paid him a courtesy visit in his office in Abuja in a bid to strategize with the corporation in the area of partnership which will leverage Wood Mackenzie’s expertise in data analytics, consulting, big data, and AI.

NNPC Ltd’s Bayo Ojulari in the meeting with the Wood Mackenzie’s Jason Liu highlighted the availability of these expertise with the Wood Mackenzie and the need to explore and apply these technologies to achieve President Bola Tinubu’s oil sector objectives specially in increasing crude production output through utilization of Wood Mackenzie’s expertise in data analytics, AI, and consulting to drive progress.

The delegation from Wood Mackenzie included Mr. David Parkinson, Vice President of Energy Consulting; Mr. Peter Bajowa, Director and Head of Africa Sales; and Mr. Mansur Mohammed, Head of West Africa Upstream Oil and Gas Research.” This meeting underscores NNPC Ltd’s commitment to harnessing innovative solutions and partnerships to enhance its operations and meet national energy goals.

Wood Mackenzie was on May  07, 2024 appointed Jason Liu its Chief Executive Officer (CEO). Mr. Liu replaces former CEO Mark Brinin, who is departing to pursue other opportunities after successfully leading the Company through its transformative carve-out.

Mr. Liu is a distinguished leader with over 25 years of experience leading growth-oriented, private equity-backed companies in the software and data industries. He most recently served as CEO of Zywave, a prominent provider of software, data, and analytics in the insurance technology space, where his strategic vision and operational execution doubled the size of the company and substantially enhanced its market position.

Wood Mackenzie has in one of its data analytics the Nigeria upstream fiscal summary Report published on 17 April 2025, made forecasts on the Nigeria awards upstream licences to foreign investors under the 2021 Petroleum Industry Act (PIA), stating that Operators with existing licenses before the PIA became law may voluntarily convert to PIA terms.

”For new investors in oil operations, we expect PSCs will continue to apply, with a cost oil limit of 70%, and the production sharing of liquids based on cumulative production. Gas terms are less clear; we assume simple concession fiscal terms for gas, paying royalty and income tax,” Wood Mackenzie said.