NNPC Ltd plans to develop new oil fields from 2026 and aims to raise $30 billion.
Moreover, the company has launched this fundraising as part of a broader strategy to revive Nigeria’s oil and gas sector.
NNPC Ltd Bold Oil Expansion
Officials told Bloomberg that they expect to make key investment decisions as early as next year.
Meanwhile, NNPC is reviewing its portfolio and plans to sell underperforming fields to free capital.
Analysts say asset sales could fund more than half of the $30 billion target.
In addition, NNPC will combine in-house development with investor-led projects and will start competitive bidding early next year.
However, the company has kept the plans confidential due to commercial sensitivity and declined to comment.
Challenges And Opportunities
Meanwhile, Nigeria’s oil output has fallen in recent years because regulatory and security challenges have constrained production.
Furthermore, funding shortages and delayed project approvals have left many discovered fields dormant.
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The Petroleum Industry Act now positions NNPC as a commercially independent company.
Consequently, the company can attract private investment without relying solely on government funding.
Also, NNPC is driving infrastructure projects, including the $2.8 billion AKK gas pipeline, as part of its growth strategy.
The pipeline will support power generation, fertiliser production, and industrialisation in northern Nigeria.
Future Production Goals
Accordingly, NNPC targets crude production of 1.8 million barrels per day next year, rising to 4 million by 2030.
Meanwhile, the company has already launched a bid process to sell stakes in oil and gas assets.
NNPC works with partners including Shell, Chevron, Eni, and TotalEnergies, although it has not disclosed stake sizes or funds.
If executed successfully, NNPC could unlock stranded assets, stabilise production, and strengthen Nigeria’s energy sector.
