The Nigerian National Petroleum Company Limited has launched a bid process to sell stakes in some of its oil and gas assets, as part of efforts to optimise its portfolio and attract new investment. The move was disclosed in an invitation document obtained by Reuters on Monday.
NNPC Limited owns some assets outright and others in joint ventures with partners including Shell, Chevron, Eni and TotalEnergies, though it has not disclosed the size of the stakes on offer or the amount it hopes to raise. The company had earlier announced plans to divest or reduce at least 25 percent of its equity in selected oil and gas fields.
According to the document, interested bidders are required to register online by January 10, after which a prequalification process will assess their technical and financial capacity. Successful firms will be granted access to a virtual data room, with the process progressing through evaluation, negotiations and regulatory approvals.
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The divestment comes as Nigeria’s oil sector struggles to raise production and attract foreign investment. NNPC Limited says the strategy is aimed at unlocking capital for reinvestment, encouraging output from marginal and onshore fields, and supporting the government’s broader goal of sustaining crude oil production and revenue.
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