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01-01-2026
LAGOS/ ABUJA: NNPC 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, according to an invitation document seen by media on Monday.
NNPC owns some assets outright and others in partnership with international oil companies, including Shell, opens new tab, Chevron, opens new tab, Eni, opens new tab and TotalEnergies, opens new tab. The document did not disclose how much it aims to raise or the size of the stakes on offer, and NNPC did not respond to a request for comment.
NNPC had previously outlined plans to sell at least 25% of the equity it holds in select oil and gas fields, either through full divestments or stake reductions, as part of a portfolio optimization strategy. Oil sector unions opposed the draft plan.
According to the invitation document, which was distributed late last week, interested bidders must register online by January 10, after which pre-screening will follow and qualified firms will gain access to a secure virtual data room.
Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations and regulatory approvals.
Nigeria has struggled to boost crude output and attract investment and is targeting incremental growth through production from marginal onshore fields vacated by international firms.
Last week, Shell, opens new tab has received approval from Nigeria’s oil minister for the sale of $2.4 billion in onshore and shallow-water assets to Renaissance Group, Renaissance said in a statement on Wednesday.
The approval marks the end of Shell’s nearly a century of operations in Nigerian onshore oil and gas and is part of a broader retreat by western energy companies from Nigeria, including Exxon Mobil, opens new tab, Italy’s Eni, opens new tab and Norway’s Equinor, opens new tab.
Shell’s sale to Renaissance, comprising five companies, was announced in January but was blocked in October by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The regulator had cited Renaissance’s inability to demonstrate its capacity to manage the assets, which hold an estimated 6.73 billion barrels of oil and condensate, and 56.27 trillion cubic feet of gas.
The NUPRC and Shell did not immediately respond to requests for comment.
Renaissance said “this approval marks a significant step forward from the announcement of the sale and purchase agreements in January”.
This week, Shell announced its Nigerian subsidiary had made a final investment decision on Bonga North, a deep-water project off the coast of Nigeria.
The project, which will help maintain oil and gas production at Bonga, will be connected to Shell’s Floating Production Storage and Offloading facility, where the oil company has a 55% stake.
Shell, opens new tab is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion.
The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Since 2021, Shell has sought to sell its Nigerian oil and gas business, but will remain active in Nigeria’s more lucrative and less problematic offshore sector.
Shell’s exit is part of a broader retreat by western energy companies from Nigeria as they focus on newer, more profitable operations. Exxon Mobil, opens new tab, Italy’s Eni and Norway’s Equinor, opens new tab have struck deals to sell assets in the country in recent years. (Int’l Monitoring Desk)
