The Nigerian National Petroleum Company Limited (NNPC) has taken concrete steps toward reshaping its asset portfolio, opening discussions to sell stakes in some of its oil and gas holdings as it seeks fresh capital and stronger operational partners in a sector struggling to regain momentum.

A report by Reuters revealed that the state-owned energy company has begun soliciting bids from investors, marking one of its clearest signals yet that it is willing to dilute its ownership in select assets to unlock funding and improve performance. While the company has not disclosed the size of the stakes on offer or the amount it hopes to raise, the move points to a broader strategy of portfolio optimisation amid mounting pressures on Nigeria’s oil industry.

“The Nigerian National Petroleum Company Limited, the state-owned energy company of top African oil producer Nigeria, plans to sell stakes in some of its oil and gas assets and has called for bids,” the report stated.

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An invitation document released on Monday showed that NNPC has formally opened the process to interested investors. Prospective bidders are required to register online by January 10, after which a pre-screening phase will determine which firms qualify to proceed. Successful bidders will gain access to a secure virtual data room containing detailed information on the assets.

According to the document, prequalification will be based on both technical and financial capacity, with subsequent stages involving document evaluation, negotiations, and the securing of relevant regulatory approvals. The structured approach suggests NNPC is aiming to attract operators with the capital strength and expertise needed to revive underperforming assets.

NNPC holds interests across a wide range of oil and gas assets, including fields it owns outright and others operated in joint ventures with international oil companies such as Shell, Chevron, Eni, and TotalEnergies. Some of these partnerships have faced declining output in recent years as international operators scaled back onshore exposure and redirected capital elsewhere.

The current move aligns with earlier indications from the national oil company that it was considering the sale of at least 25 percent of its equity in selected oil and gas fields, either through outright divestments or reductions in its interests. That proposal, however, drew resistance from oil sector unions, which warned of potential job losses and raised concerns about the long-term strategic implications of asset sales.

The development comes against the backdrop of Nigeria’s prolonged struggle to raise crude oil production and attract sustained investment. Regulatory uncertainty, oil theft, ageing infrastructure, and delayed project approvals have weighed heavily on output, even as global demand remains volatile.

Nigeria is now increasingly banking on incremental production growth, particularly from marginal and onshore fields vacated by international oil companies, as it seeks to stabilise output and shore up government revenues. Bringing in new investors through partial asset sales could help unlock capital, improve operational efficiency, and inject technical expertise into assets that have underperformed.

If managed transparently and backed by clear regulatory approvals, the proposed stake sales could mark a turning point for NNPC’s role in the sector, shifting it from a capital-constrained operator to a more flexible portfolio manager at a time when Nigeria can least afford stalled energy assets.

Meiza Nigeria