National Oil Company Opens Bid Process as Nigeria Seeks Capital Injection and Portfolio Optimisation
The Nigerian National Petroleum Company Limited (NNPC) has initiated plans to divest stakes in some of its oil and gas assets, signalling a renewed push to streamline its portfolio and draw fresh investment into Nigeria’s energy sector, according to a report by Reuters.
An invitation document released on Monday shows that the state-owned energy company has opened a bidding process for interested investors, although details on the size of the stakes to be sold and the expected proceeds were not disclosed.
According to the report, NNPC, the national oil company of Africa’s largest crude producer, is seeking bids as part of broader efforts to optimise its asset base and improve operational efficiency.
NNPC holds interests across a wide range of oil and gas assets, including fields it owns outright as well as joint ventures operated alongside international oil companies such as Shell, Chevron, Eni and TotalEnergies.
The invitation document, circulated late last week, requires prospective bidders to complete an online registration by January 10. Successful applicants will undergo a pre-screening process, after which qualified firms will be granted access to a secure virtual data room containing detailed information on the assets.
Prequalification will be based on the technical competence and financial strength of bidders, with the process expected to progress through document evaluation, negotiations and the securing of all necessary regulatory approvals.
The move is consistent with earlier signals from the national oil company that it was considering selling at least 25 per cent equity in selected oil and gas assets, either through partial divestments or reductions in its existing interests.
That earlier proposal, however, sparked resistance from oil sector labour unions, which expressed concern over possible job losses and the long-term strategic implications of asset sales. NNPC did not respond to requests for comment on the latest development as of the time of filing this report.
Nigeria has faced persistent challenges in boosting crude oil production and attracting long-term investment, largely due to regulatory uncertainties, crude theft and ageing infrastructure. As a result, the country has increasingly turned to marginal and onshore assets vacated by international oil companies to support output growth.
Industry analysts say the proposed stake sales could unlock much-needed capital, improve asset performance and bring in technically capable operators provided the divestment process is transparent and supported by clear regulatory approvals.
If successfully executed, the exercise could mark a significant shift in how Nigeria’s national oil company manages its upstream portfolio amid ongoing reforms in the energy sector.
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