The Nigerian National Petroleum Company Limited (NNPC Ltd) has unveiled an ambitious strategy to develop new oil fields starting in 2026, targeting at least $30 billion in investments by 2030 to revitalise Nigeria’s declining oil and gas sector.
Officials revealed that the fundraising drive combines in-house field developments with investor-led projects, launching a competitive bidding process early next year.
NNPC is conducting a comprehensive review of its asset portfolio, planning to divest non-performing oil fields to unlock substantial capital and improve operational efficiency.
Asset sales and fresh investments are expected to cover more than half of the $30 billion goal.
The initiative addresses persistent challenges, including falling crude production, years of capital flight from the upstream sector, regulatory uncertainty, security issues in the Niger Delta, and prolonged delays in project approvals.
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Nigeria possesses some of Africa’s largest hydrocarbon reserves, yet numerous discoveries remain undeveloped due to chronic funding shortages and infrastructure gaps.
The Petroleum Industry Act transformed NNPC into a fully commercial entity, enabling it to attract private capital independently of government budgets.
Parallel efforts include advancing the $2.8 billion Ajaokuta-Kaduna-Kano gas pipeline, nearing major completion milestones from early 2026 to boost domestic gas supply.
Successful execution could stabilise and grow output, targeting 1.8 million barrels per day in 2026 and an ambitious 4 million by 2030.
Enhanced production, coupled with infrastructure gains, supports industrialisation, reliable power generation, fertiliser manufacturing, and broader economic diversification.
This strategic push reinforces NNPC’s pivotal role in driving energy security, government revenue growth, and long-term sustainability in Nigeria’s upstream petroleum industry.
