The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to develop new oil fields from 2026, aiming to increase crude oil output. This fresh exploration is expected to help the company raise at least $30 billion by 2030. NNPC’s strategy involves unlocking stranded oil assets, stabilizing production, and boosting Nigeria’s oil output, with a target of 1.8 million barrels per day by next year and 4 million barrels per day by 2030.
According to a report by Bloomberg, the fundraising drive is part of a broader strategy to revive Nigeria’s oil and gas sector. NNPC anticipates key investment decisions as early as 2026 and is reviewing its asset portfolio, planning to divest non-performing oil fields to unlock capital and improve efficiency. The company’s investment push comes amidst declining oil output and years of capital flight from Nigeria’s upstream sector, driven by regulatory uncertainty, security challenges, and delayed project approvals.
People familiar with the plans stated that NNPC will pursue a mix of in-house field development and investor-led projects, with a competitive bidding process expected to commence early next year. As part of the strategy, the company is reviewing its portfolio and plans to sell non-performing oil fields, a move expected to help it raise more than half of its $30 billion target through asset sales and fresh investments.
The discussions remain confidential due to commercial sensitivity, and a spokesperson for NNPC Ltd declined to comment. However, the company is also pursuing infrastructure-led growth, including the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which is expected to reach major completion milestones from early next year. This project is part of Nigeria’s efforts to develop its oil and gas sector, which has faced challenges in recent years.
The development of new oil fields and the pursuit of infrastructure-led growth are significant steps towards reviving Nigeria’s oil and gas sector. With the target of increasing crude oil output, NNPC’s strategy has the potential to unlock new opportunities for the country’s economy. As the company moves forward with its plans, it is expected to provide updates on the progress of its projects and the impact on Nigeria’s oil and gas sector.