NNPC invites bids to sell stakes in oil and gas assets

NNPC Limited has invited bids from investors for the sale of stakes in some of its oil and gas assets, signalling a renewed push to optimise its portfolio and raise capital.

A Reuters report on Monday said that the state-owned energy company plans to divest equity in selected assets, though the invitation document did not disclose the size of the stakes on offer or how much it expects to raise. NNPC did not respond to requests for comment.

The company holds interests in several oil and gas assets, some outright and others in joint ventures with international oil companies, including Shell, Chevron, Eni and TotalEnergies.

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According to the invitation document, interested bidders need to register online by January 10. This will be followed by a pre-screening process, after which qualified firms will gain access to a secure virtual data room.

The process will include prequalification based on technical and financial capacity, document evaluation, negotiations and regulatory approvals.

NNPC has previously said it intends to sell at least 25 percent of its equity in selected oil and gas fields, either through full divestments or partial stake reductions, as part of a broader portfolio optimisation strategy.

Nigeria has struggled in recent years to increase crude oil production and attract new investment, particularly as international oil companies scale back onshore operations. The government has said it hopes to drive incremental output growth through marginal fields vacated by foreign operators.

Oil sector unions have also opposed the planned divestments. In September, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) accused the federal government of seeking to sell significant portions of NNPC’s joint venture assets to raise cash.

“The government wants to reduce its stake in these assets,” the union said at the time, alleging that proposed stake sales could range between 30 and 35 percent in some ventures. PENGASSAN has warned against the move, citing concerns over long-term national interest.

Oluwatosin Ogunjuyigbe is a writer and journalist who covers business, finance, technology, and the changing forces shaping Nigeria’s economy. He focuses on turning complex ideas into clear, compelling stories.

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