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The Nigerian National Petroleum Company (NNPC) Limited has officially launched a bidding process to divest equity in several of its prime oil and gas assets.
This move marks the boldest step yet in the company’s transition toward a commercially driven, “asset-light” model as mandated by the Petroleum Industry Act (PIA).
By opening its portfolios to private capital, the NNPCL aims to unlock liquidity for its aggressive 2026 gas-to-power expansion and to boost crude production, which has struggled to hit the 2 million bpd target consistently.
NNPCL owns some assets outright and others in partnership with international oil companies, including Shell, Chevron, Eni, and TotalEnergies.
NNPC had previously outlined plans to sell at least 25% of the equity it holds in select oil and gas fields, either through full divestments or stake reductions, as part of a portfolio optimisation strategy. Oil sector unions opposed the draft plan.
According to the invitation document for bids, which was distributed late last week, interested bidders must register online by January 10, after which pre-screening will follow and qualified firms will gain access to a secure virtual data room.
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