NNPC Unveils Ambitious $30 Billion Investment Plan to Develop Untapped Oil Fields and Boost Production

Nigerian National Petroleum Company Limited (NNPC)’s strategic pivot to reverse chronic underinvestment in its upstream sector. The state-owned entity is set to commence development of new oil fields in 2026, targeting at least $30 billion in fundraising by 2030 to unlock stranded discoveries across Nigeria’s prolific basins.

Key elements of the initiative include:

– A dual strategy: NNPC will independently develop select fields while launching tenders for others early next year to attract private capital and expertise.

– Portfolio optimization through divestment of underperforming assets to redirect resources toward high-potential projects.

This effort addresses persistent challenges such as aging infrastructure, security issues in the Niger Delta, and limited exploration investment, which have constrained Nigeria’s output below OPEC quotas.

NNPC has outlined bold production goals:

– A 5% increase to 1.8 million barrels per day in 2026 (from approximately 1.7 million bpd in 2025).

– An ambitious longer-term target of 4 million bpd by 2030, effectively doubling current levels.

In parallel, NNPC is advancing gas infrastructure, with the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline nearing operational readiness. Segments will connect to the main line starting early 2026, enabling large-scale gas delivery to northern Nigeria, including Abuja. This is expected to catalyze industrial growth by supplying fertilizer plants, power facilities, and manufacturing hubs in a region historically underserved by energy infrastructure.

While fundraising faces hurdles amid Nigeria’s operating risks and the global shift from fossil fuels, the focus on proven reserves could draw partners seeking growth opportunities. Success will hinge on enhanced security, regulatory reforms, and robust project viability to secure investor confidence.