Nigeria’s NNPC welcomes bids and plans to sell stakes in some oil and gas assets, according to a document
NNPC Limited, the state-owned energy company of Nigeria, a leading oil producer in Africa, intends to divest stakes in certain oil and gas assets and has issued a call for bids, as outlined in an invitation document reviewed by Reuters on Monday.
NNPC possesses certain assets outright while holding others in collaboration with international oil companies such as Shell, Chevron, Eni, and TotalEnergies. The document did not specify the amount it seeks to raise or the size of the stakes available, and NNPC did not reply to a request for comment.
NNPC had earlier detailed intentions to divest at least 25% of its equity in specific oil and gas fields, either through complete divestments or by reducing stakes, as part of a strategy for portfolio optimization. The unions in the oil sector expressed their opposition to the draft plan.
The invitation document, distributed late last week, states that interested bidders are required to register online by January 10. Following this, a pre-screening process will take place, allowing qualified firms access to a secure virtual data room.
The prequalification process will focus on assessing both technical and financial capabilities, subsequently leading to document evaluation, negotiations, and the necessary regulatory approvals.
Nigeria has faced challenges in increasing crude output and drawing in investment, aiming for gradual growth by tapping into production from marginal onshore fields left behind by international companies.
