The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a sweeping strategy to reinvigorate its upstream oil business with plans to open new oil fields starting in 2026 and attract at least $30 billion in investments by 2030 to fund the expansion and development of these assets.
The initiative comes as part of a broader effort to reverse years of underinvestment in the Nigerian oil sector that saw numerous discoveries left idle due to financing challenges, regulatory uncertainty, and security issues affecting project execution.
Under the newly commercialised structure established by the Petroleum Industry Act, NNPC Ltd aims to operate more like a private sector company that can tap into external capital and partnerships with global and local energy players. This reform has enabled the firm to consider asset divestments and competitive bidding for field development as core components of its capital-raising strategy.
Officials familiar with the plans say that part of the $30 billion target could come from selling stakes in underperforming fields, helping unlock value and finance new exploration and production work.
The company has outlined plans to review its existing portfolio, shedding non-strategic assets and freeing up resources to address more promising fields, a move expected to improve operational efficiency and attract private-sector funds.
If executed successfully, NNPC Ltd’s strategy could stabilise Nigeria’s crude oil production, which has struggled to meet its potential, and pave the way for a significant increase over the coming years. Market reports indicate targets to boost output by about 5 per cent to 1.8 million barrels per day in 2026, aiming for up to 4 million barrels per day by 2030.
Alongside these upstream ambitions, the company is also pushing major gas infrastructure projects, notably the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) pipeline, which is expected to reach crucial completion phases from early next year. This project is set to enhance domestic supply and could underpin broader industrialisation efforts, including fertilizer production, power generation, and the development of gas-based industries.
Despite the confidentiality surrounding specific investment discussions, the broader implications for Nigeria’s energy sector are significant. By repositioning itself as a commercially-driven energy company, NNPC Ltd hopes to attract strategic investors and technology partners that can help accelerate production and extend the life of the nation’s hydrocarbon reserves.
Several international players have signalled continued interest in Nigeria’s oil and gas space. For example, global oil companies like ExxonMobil plan sizeable capital expenditures in deepwater fields, reflecting confidence in the sector’s long-term prospects.
Successfully attracting $30 billion in investment could significantly boost Nigeria’s foreign exchange earnings, enhance fiscal revenues, and stimulate related sectors such as refining and petrochemicals, offering a much-needed lift to GDP growth.
