The Nigerian National Petroleum Company Limited (NNPC Ltd), Nigeria’s state-owned energy giant, is planning to develop new oil fields starting in 2026 while aiming to secure at least $30 billion in investments by 2030.
Okay News reports that the ambitious fundraising forms part of efforts to revitalise the country’s oil and gas sector amid declining production and capital flight.
Officials familiar with the strategy indicated that key investment decisions could be made as early as 2026.
The company will pursue a combination of in-house developments and investor-led projects, with competitive bidding expected to begin early next year.
NNPC Ltd is also reviewing its asset portfolio, planning to divest non-performing oil fields to generate capital and enhance operational efficiency.
Sources suggest that asset sales and new investments could cover more than half of the $30 billion target.
The initiative addresses longstanding challenges, including regulatory uncertainty, security issues, and funding delays that have left many discoveries undeveloped despite Nigeria’s vast hydrocarbon reserves.
Incorporation under the Petroleum Industry Act has positioned NNPC Ltd as a commercial entity better equipped to attract private capital independently.
In parallel, the company is advancing the $2.8 billion Ajaokuta–Kaduna–Kano gas pipeline, with major milestones anticipated from early 2026.
Successful execution could unlock stranded assets, stabilise production, and support targets of 1.8 million barrels per day in 2026 and 4 million by 2030.
The pipeline completion would boost industrialisation, power generation, and fertiliser production in northern Nigeria.
This aligns with recent moves, including a bid process for stake sales in select assets held outright or in partnerships with majors like Shell, Chevron, Eni, and TotalEnergies.
, Nigeria's state-owned energy giant, is planning to develop new oil fields starting in 2026 while aiming to secure at least $30 billion in investments by 2030.){kind=link}