NNPC targets $30bn investment, unveils plan for new oil fields by 2030

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced ambitious plans to start developing new oil fields beginning in 2026 as part of a major strategy to boost the country’s oil and gas sector.

The company intends to raise at least $30 billion in investments by 2030 to fund this expansion and revitalise energy operations.

According to reports, these efforts are aimed at reversing years of underinvestment in Nigeria’s oil upstream business, which has seen numerous discoveries left undeveloped.

As part of the strategy, NNPC Ltd will review its current asset portfolio and divest from underperforming oil fields, unlocking capital and improving overall efficiency.

The company expects key investment decisions to be made as early as 2026, with a mix of in-house development and opportunities for external investors through competitive bidding.

This approach is designed to attract fresh capital and expertise into Nigeria’s oil sector.

Analysts note that if successful, this initiative could help stabilise production levels and reinvigorate output growth in the Nigerian oil industry, which has lagged behind potential due to historical funding gaps.