The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to develop new oil fields starting in 2026, aiming to boost crude‑oil output. The company’s strategy focuses on unlocking stranded assets, stabilising production and raising Nigeria’s oil output to 1.8 million barrels per day by next year and 4 million barrels per day by 2030. According to Bloomberg, the fundraising drive is part of a broader effort to revive the country’s oil and gas sector and could generate at least $30 billion by 2030.
NNPC expects to make key investment decisions as early as 2026 and is reviewing its asset portfolio. It plans to divest non‑performing oil fields to free capital and improve efficiency, with asset sales and fresh investments expected to provide more than half of the $30 billion target. The company will pursue a mix of in‑house field development and investor‑led projects, launching a competitive bidding process early next year. Discussions remain confidential for commercial reasons, and a spokesperson for NNPC Ltd declined to comment.
The investment push comes amid declining oil output and years of capital flight from Nigeria’s upstream sector, driven by regulatory uncertainty, security challenges and delayed project approvals. In addition to field development, NNPC is advancing infrastructure‑led growth, notably the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which is slated to reach major completion milestones from early next year. These initiatives are intended to revive Nigeria’s oil and gas sector, create new economic opportunities and, as the projects progress, provide updates on their impact on the country’s energy landscape.
Comments are closed for this story.