NNPC begins bid process to sell stakes in oil, gas assets

The Nigerian National Petroleum Company Limited (NNPC Ltd) has launched a bidding process to sell portions of its interests in selected oil and gas assets, as part of efforts to streamline its portfolio.

The plan was outlined in an invitation-to-bid notice released recently.

NNPC said some of the assets involved are fully owned by the company, while others are operated in partnership with major international oil firms such as Shell, Chevron, Eni, and TotalEnergies.

The company has not yet revealed the size of the stakes to be sold or the revenue it expects to generate.

However, the move aligns with NNPC’s earlier strategy to reduce or divest at least 25 per cent of its equity in certain fields — a proposal that has previously faced pushback from industry labour unions.

According to the bid document, interested investors are required to register online by January 10, after which a prequalification process will screen eligible bidders.

Those who pass will gain access to a secure virtual data room containing detailed information about the assets.

Evaluation will focus on the technical capacity and financial strength of the bidders. Shortlisted firms will then proceed to further document reviews, negotiations, and regulatory approvals.

NNPC said the structured process is designed to attract credible investors with the experience and resources needed to manage the assets effectively.

The divestment drive is part of the company’s larger strategy to optimise its operations by focusing on core assets while creating more room for private and international participation in the sector.