The Nigerian National Petroleum Company Limited (NNPC Ltd) has unveiled plans to develop previously untapped oil fields starting next year as part of a strategic drive to boost crude production and attract fresh capital into the nation’s energy sector.
Senior officials familiar with the company’s strategy said the move forms part of a wider ambition to raise at least $30 billion in investment by the end of the decade. By tapping into new reservoirs and revitalising existing assets, NNPC hopes to reverse years of under-investment and position Nigeria’s hydrocarbon industry for stronger long-term growth.
The initiative will see the state-owned firm pursue a mix of in-house field development and opportunities for external participation, with a competitive bidding process expected to be launched early in 2026. The company’s leadership also plans to review its current portfolio, selling off non-performing fields to unlock capital and improve operational focus.
A spokesperson for NNPC declined to comment on specifics, citing the confidential nature of commercial negotiations. However, sources say that key investment decisions are anticipated as discussions progress over the coming months.
As part of the broader growth agenda, NNPC is simultaneously advancing major infrastructure projects, including the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which is expected to achieve significant milestones in early 2026. Completion of this project is seen as vital to expanding gas supply networks and supporting industrial expansion across northern Nigeria.
Analysts say that unlocking new fields and attracting fresh investment could help stabilise Nigeria’s crude output, which has struggled with regulatory uncertainties and long-standing funding shortfalls. According to industry sources, the company is targeting a 5 per cent increase in oil production to around 1.8 million barrels per day next year and ambitions of reaching 4 million barrels per day by 2030 if growth plans succeed.
The plans come as NNPC seeks to reaffirm Nigeria’s role as a key energy producer, even as global markets shift and competition intensifies. For local communities and workers in the oil and gas sector, the renewed focus on development and investment signals a renewed effort to convert the country’s substantial hydrocarbon reserves into sustainable economic gains.
0 Comments