The Nigerian National Petroleum Company Limited (NNPC Ltd) says it will develop new oil fields from 2026 to boost oil output.
The fresh exploration will also help it raise at least $30 billion by 2030.
If successfully executed, NNPC’s strategy could help unlock stranded oil assets, stabilise production, and boost Nigeria’s crude output, which the company targets to increase by 5% to 1.8 million barrels per day next year and 4 million barrels per day by 2030.
A report by Bloomberg noted that the fundraising drive forms part of a broader strategy to revive Nigeria’s oil and gas sector.
The officials, quoted by the report, said NNPC anticipates key investment decisions as early as 2026, while also reviewing its asset portfolio with plans to divest non-performing oil fields to unlock capital and improve efficiency.
NNPC Ltd’s investment push comes against the backdrop of declining oil output and years of capital flight from Nigeria’s upstream sector, driven by regulatory uncertainty, security challenges, and delayed project approvals.
People familiar with the plans, according to Bloomberg, said NNPC will pursue a mix of in-house field development and investor-led projects, with a competitive bidding process expected to commence early next year.
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As part of the strategy, the company is reviewing its portfolio and plans to sell non-performing oil fields, a move expected to help it raise more than half of its $30 billion target through asset sales and fresh investments.
The discussions remain confidential due to commercial sensitivity, and a spokesperson for NNPC Ltd declined to comment.
The company is also pursuing infrastructure-led growth, including the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which is expected to reach major completion milestones from early next year.
