The Nigerian National Petroleum Company (NNPC) Limited has opened the bidding process to sell stakes in several of its oil and gas assets. This move is part of a broader strategy to optimize its portfolio, raise much-needed capital, and attract fresh investment into Nigeria’s energy sector.
A Reuters report on Monday, December 29, said NNPC announced the call for bids through an invitation document. It said the national oil firm requests prospective bidders to register online by January 10, 2026.
It, however, said the invitation document did not disclose the size of the stakes on offer or how much it expects to raise. This will be followed by a pre-screening process, after which qualified firms will gain access to a secure virtual data room.
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.
The sale includes stakes in assets that NNPC owns outright, as well as those operated in joint ventures with international partners.
While the exact size of the stakes on offer has not been publicly disclosed in the initial invitation, previous reports indicated that the company was considering selling at least 25 per cent to 35 per cent equity in selected fields.
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The release of the invitation to bid document follows recent claims by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) that NNPC wants to sell significant stakes in joint venture (JV) assets. PENGASSAN kicked against the move, citing concerns about the implications on national interest in the long term.
This divestment comes at a critical time for the Nigerian energy industry, which has faced challenges with aging infrastructure, oil theft, and fluctuating production levels.
By reducing its equity, NNPC aims to shift from being a sole operator/financier to a more commercial entity, sharing the financial and technical burden with private partners.
Industry analysts observed that the funds are expected to support other critical projects, such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the $2 billion effort to repair theft-ravaged pipelines.
The NNPC sale of stakes in oil and gas assets is happening alongside the 2025 Licensing Bid Round managed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which is auctioning 50 oil and gas blocks across onshore and offshore basins.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
