The Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd) plans to develop new oil fields from 2026 and goals to lift at the least $30 billion by 2030.
Bloomberg experiences that the fundraising drive varieties a part of a broader technique to revive Nigeria’s oil and fuel sector.
The officers, quoted by Bloomberg, mentioned NNPC anticipates key funding selections as early as 2026, whereas additionally reviewing its asset portfolio with plans to divest non-performing oil fields to unlock capital and enhance effectivity.
What they’re saying
Folks accustomed to the plans, in line with Bloomberg, mentioned NNPC will pursue a mixture of in-house subject improvement and investor-led tasks, with a aggressive bidding course of anticipated to start early subsequent yr.
As a part of the technique, the corporate is reviewing its portfolio and plans to promote non-performing oil fields, a transfer anticipated to assist it increase greater than half of its $30 billion goal by means of asset gross sales and recent investments.
The discussions stay confidential resulting from business sensitivity, and a spokesperson for NNPC Ltd declined to remark.
NNPC Ltd’s funding push comes towards the backdrop of declining oil output and years of capital flight from Nigeria’s upstream sector, pushed by regulatory uncertainty, safety challenges, and delayed challenge approvals.
- Though Nigeria holds a few of Africa’s largest hydrocarbon reserves, a number of oil discoveries have remained undeveloped for years resulting from funding constraints.
- The incorporation of NNPC Ltd below the Petroleum Trade Act (PIA) was designed to reposition the corporate as a commercially pushed entity able to attracting non-public capital and working independently of presidency funding.
- In parallel, NNPC can be pursuing infrastructure-led progress, together with the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) fuel pipeline, which is anticipated to succeed in main completion milestones from early subsequent yr.
What this implies
If efficiently executed, NNPC’s technique might assist unlock stranded oil belongings, stabilise manufacturing, and increase Nigeria’s crude output, which the corporate targets to extend by 5% to 1.8 million barrels per day subsequent yr and 4 million barrels per day by 2030.
The completion of the AKK fuel pipeline would additionally help industrialisation, energy technology, and fertiliser manufacturing in northern Nigeria, strengthening power safety and financial diversification.
What it’s best to know
Earlier, Nairametrics reported that NNPC Restricted has launched a bid course of to promote stakes in a few of its oil and fuel belongings, signaling a push to optimise its portfolio.
NNPC Ltd owns some belongings outright and others with companions resembling Shell, Chevron, Eni, and TotalEnergies, however has but to reveal the stake sizes or funds sought.