The Nigerian National Petroleum Company Limited (NNPC Ltd.) has opened talks to sell stakes in some of its oil and gas assets as part of efforts to optimise its portfolio and attract fresh investment into the energy sector, a Reuters report has revealed.
According to an invitation document released on Monday, the state-owned energy firm has called for bids from interested investors, though details of the assets involved, the size of the stakes on offer and the expected proceeds were not disclosed.
“The Nigerian National Petroleum Company Limited, the state-owned energy company of top African oil producer Nigeria, plans to sell stakes in some of its oil and gas assets and has called for bids,” Reuters reported.
NNPC holds interests in several oil and gas assets across the country, including wholly owned assets and joint ventures operated alongside international oil companies such as Shell, Chevron, Eni and TotalEnergies.
The document, circulated late last week, stated that prospective bidders must register online by January 10, after which a pre-screening process will be conducted. Firms that scale the initial stage will be granted access to a secure virtual data room containing detailed information on the assets.
Prequalification, the document noted, will be based on the technical competence and financial capacity of bidders, with subsequent stages involving document evaluation, negotiations and the securing of relevant regulatory approvals.
The move aligns with earlier indications by NNPC that it was considering the sale of at least 25 per cent equity stakes in select oil and gas fields, either through outright divestments or reductions in its holdings, as part of a broader portfolio optimisation strategy.
That plan had previously drawn opposition from oil sector unions, which raised concerns over potential job losses and the strategic implications of asset divestment. NNPC did not respond to requests for comment on the latest invitation at the time of filing this report.
Nigeria, Africa’s largest oil producer, has struggled in recent years to boost crude oil output and attract sustained investment, amid challenges such as regulatory uncertainty, oil theft and ageing infrastructure.
The government has increasingly looked to marginal and onshore fields, many of which were vacated by international oil companies, to drive incremental production growth and stabilise output.
Analysts say the proposed stake sales could help unlock capital, improve asset performance and attract technically capable operators, provided the process is transparent and backed by clear regulatory approvals.