The Nigerian National Petroleum Company (NNPC Limited) has launched a bid process to sell stakes in some of its oil and gas assets, signaling a push to optimise its portfolio.
The call for bids was outlined in an invitation document obtained by Reuters on Monday.
NNPC Ltd owns some assets outright and others with partners such as Shell, Chevron, Eni, and TotalEnergies, but has yet to disclose the stake sizes or funds sought.
The sale forms part of a broader strategy previously announced by NNPC to divest or reduce at least 25% of its equity in select oil and gas fields, a move that has faced opposition from oil sector unions.
The invitation document requires interested bidders to register online by January 10, after which a pre-screening process will determine qualified firms.
Those approved will gain access to a secure virtual data room containing detailed asset information.
Prequalification will be assessed based on technical and financial capacity, followed by document evaluation, negotiations, and regulatory approvals.
The bid process is designed to ensure that only capable investors with the resources and expertise participate.
NNPC Ltd’s plan reflects its goal to optimise its portfolio by focusing on strategic assets while inviting private and international participation in the sector.
Nigeria’s oil sector has struggled to boost crude production and attract foreign investment in recent years.
By offering stakes in both fully-owned and joint venture assets, NNPC Ltd aims to unlock capital for reinvestment and encourage production from marginal fields.
The move also targets incremental growth from onshore fields abandoned by international oil firms, part of the government’s broader strategy to sustain output and enhance revenue.
The planned divestments follow a period of debate over the role of state versus private investment in the oil and gas sector, with unions previously opposing the draft plan to reduce government equity in key fields.
Earlier, NNPC Ltd. announced the signing of a settlement agreement that facilitates the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.
This came two years after ExxonMobil announced its divestment plan, prompting a reaction from NNPC and leading to a legal dispute that started in February 2022.
NNPCL generated N29.21 trillion from crude oil sales in 2024, more than double the N14.07 trillion it earned from the same stream in 2023.
NNPCL generated N29.21 trillion from crude oil sales in 2024, more than double the N14.07 trillion it earned from the same stream in 2023.