Nigeria’s state-owned energy company, NNPC Limited, has invited bids from investors for the sale of stakes in some of its oil and gas assets, according to an internal invitation document seen by Reuters, marking a significant step in its ongoing portfolio optimisation strategy.
The document indicates that NNPC plans to divest minority interests across select upstream assets, some of which it owns outright and others in joint ventures with international oil companies. Interested bidders are required to register online by January 10, after which a pre-screening process will determine which firms qualify to access a secure virtual data room.
Prequalification, the document notes, will be based on technical competence, financial capacity, document evaluation, negotiations, and regulatory approvals, underscoring NNPC’s intention to attract credible, well-capitalised partners rather than speculative buyers.
Portfolio optimisation amid output and investment pressures
Nigeria has struggled in recent years to lift crude oil production to its OPEC quota amid security challenges, underinvestment, and the exit of several international oil companies from onshore and shallow-water assets.
NNPC has previously outlined plans to sell at least 25% of its equity holdings in selected oil and gas assets, either through outright divestments or partial stake reductions. While earlier proposals faced resistance from oil sector unions, the latest bid invitation suggests the company is moving ahead with a more structured and targeted approach.
The strategy aligns with broader government efforts to stimulate incremental production by encouraging investment into marginal onshore fields vacated by international firms, many of which now require indigenous operators or financial investors with strong technical partners to unlock value.
Assets linked to global oil majors
According to the document, the assets on offer include interests held by NNPC both independently and in partnership with international oil companies such as Shell, Chevron, Eni, and TotalEnergies.
However, the document does not disclose the size of the individual stakes, the assets involved, or the capital NNPC aims to raise from the sales. NNPC also did not respond to requests for comment at the time of publication.
Commercial repositioning under scrutiny
The move comes as NNPC seeks to reposition itself as a commercially oriented national oil company following its transition from the Nigerian National Petroleum Corporation into a limited liability company under the Petroleum Industry Act (PIA).
Analysts say selective stake sales could help NNPC reduce capital strain, recycle funds into higher-return projects, and attract new investment into mature or underdeveloped assets—provided the process remains transparent and pricing reflects prevailing market realities.
At the same time, the divestment plan will be closely watched by policymakers and investors as a test of NNPC’s ability to balance commercial discipline with national production goals in a challenging global energy environment.
