The Nigerian National Petroleum Company Limited (NNPC Ltd) has outlined plans to develop new oil fields from 2026 as part of a wider strategy to revive Nigeria’s oil and gas sector, with a fundraising target of at least $30 billion by 2030.
According to a report by Bloomberg, the investment drive is expected to combine in-house field development with investor-led projects, as the national oil company seeks to reverse declining output and attract fresh capital into the upstream sector. Key investment decisions are anticipated as early as 2026, officials familiar with the plans said.
As part of the strategy, NNPC Ltd is reviewing its asset portfolio and plans to divest non-performing oil fields. The move is aimed at unlocking capital, improving operational efficiency, and raising more than half of the company’s $30 billion target through asset sales and new investments.
People familiar with the discussions said a competitive bidding process for some of the assets is expected to begin early next year. However, the talks remain confidential due to commercial sensitivity, and a spokesperson for NNPC Ltd declined to comment.
The planned investment push comes at a time when Nigeria’s oil output has struggled to recover from years of decline. Capital flight from the upstream sector has been driven by regulatory uncertainty, security challenges in oil-producing regions, and delays in project approvals. Despite holding some of Africa’s largest hydrocarbon reserves, several oil discoveries in Nigeria have remained undeveloped for years, largely due to funding constraints.
NNPC Ltd’s transformation under the Petroleum Industry Act (PIA) is central to the new strategy. The incorporation of the company as a limited liability entity was designed to reposition it as a commercially driven organisation, capable of attracting private capital and operating independently of government funding.
In addition to upstream investments, NNPC Ltd is pursuing infrastructure-led growth to strengthen Nigeria’s energy value chain. A major component of this effort is the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline, which is expected to reach significant completion milestones from early next year.
The AKK pipeline is intended to transport natural gas from southern Nigeria to the north, supporting industrialisation, power generation, and fertiliser production. Analysts say its completion could play a key role in boosting domestic gas utilisation, strengthening energy security, and supporting economic diversification.
If successfully executed, NNPC Ltd’s broader strategy could help unlock stranded oil assets, stabilise production, and restore investor confidence in Nigeria’s oil and gas sector. The company is targeting a 5 percent increase in crude oil production to about 1.8 million barrels per day next year, with an ambitious goal of reaching 4 million barrels per day by 2030.
Bloomberg also reported that NNPC Ltd has launched a bid process to sell stakes in some of its oil and gas assets, signalling a renewed push to optimise its portfolio. The company holds some assets outright and others in partnership with international oil companies, including Shell, Chevron, Eni, and TotalEnergies.
However, NNPC Ltd has yet to disclose details on the size of the stakes to be sold or the level of funding it hopes to raise from each transaction. Market watchers say clarity on asset pricing, regulatory stability, and security conditions will be critical to the success of the divestment programme.
For Nigeria, which remains heavily dependent on oil revenues, the outcome of NNPC Ltd’s investment plans could have significant implications for government finances, energy security, and long-term economic growth.