Nigeria’s state owned oil company, NNPC Limited, plans to revive aging idle oil fields as it seeks to raise about $30 billion in fresh investment and lift crude output by the end of the decade.
Senior officials familiar with the matter said the company wants to bring back mature and underdeveloped fields to boost production and improve revenues.
The plan is part of a broader push to stabilise output and close funding gaps that have weighed on the firm in recent years.
According to Bloomberg, NNPC is targeting a 5% increase in crude oil production next year to about 1.8 million barrels per day. The higher output is expected to help offset revenue shortfalls and strengthen the company’s balance sheet.
Bloomberg also reported that NNPC expects a significant inflow of investment to begin from next year as reforms take hold and investor confidence improves. The company believes revived fields and new partnerships will attract long term capital.
NNPC has struggled to lift production in recent years due to ageing infrastructure, frequent disruptions and low capital investment. These challenges have limited output despite Nigeria’s large resource base.
Earlier this month, President Bola Tinubu, who also serves as petroleum minister, approved the write off of about $2 billion owed by NNPC to the federal account. The move was aimed at easing pressure on the company’s finances and allowing it to meet some of its obligations.
In 2025, NNPC and its partners produced an average of about 1.5 million barrels of crude oil per day. This fell short of official targets, highlighting the scale of the recovery task facing the company.
NNPC did not disclose which old oil fields it plans to revive. However, the move comes as Nigeria’s upstream regulator recently launched a licensing bid round for 50 oil blocks and 50 gas blocks, targeting private investors.
Selling off older assets
Alongside plans to revive fields, NNPC is also considering selling parts of its oil and gas portfolio.
An internal memo reported by Energy in Africa shows the company plans to divest stakes in selected assets. Interested bidders are required to register online by January 10, according to the document.
NNPC has previously said it could sell at least 25% of the equity it holds in some oil and gas fields through full divestments or partial stake reductions.
The company has not disclosed the value of the assets or how much it expects to raise from the sales.
Likely buyers for NNPC assets
Industry analysts say indigenous oil and gas companies are expected to be among the strongest bidders.
Many local producers have expanded rapidly after acquiring assets sold by international oil companies in recent years.
For instance, a consortium of energy firms, Renaissance, acquired Shell’s onshore assets for $2.4 billion earlier this year. Since then, Renaissance has expanded its footprint by developing mature fields and delivering profits.
A similar divestment trend is seen with Seplat Energy, an indigenous oil company that acquired ExxonMobil’s onshore assets, strengthening its position in Nigeria’s upstream sector.
Analysts say trading houses and commodity focused investors may participate selectively. While they are less likely to operate fields directly, some could partner with local firms to secure supply and share risk.
