Nigeria’s NNPC Unveils Ambitious $30 Billion Fundraising Plan
Nigeria’s state-owned oil producer has announced plans to develop new oil fields starting in 2026 and aims to raise at least $30 billion by the end of the decade. The Nigerian National Petroleum Company’s aggressive push is designed to reverse years of underinvestment that have left several discoveries undeveloped, according to senior officials familiar with the plans. The company expects significant investment decisions to materialize throughout next year and is reviewing its portfolio with plans to sell non-performing fields. NNPC intends to develop some fields in-house and is expected to call for bids early next year.
The energy company plans to boost oil output by 5% to 1.8 million barrels per day in 2026 compared with 2025 levels, targeting 4 million barrels of daily output by 2030. The company is also targeting completion of the $2.8 billion Ajaokuta-Kaduna-Kano pipeline, connecting various segments to the main line from early next year. Once operational, the pipeline will deliver gas at scale to parts of northern Nigeria including the capital Abuja, supplying industrial parks, fertilizer plants and power-generation facilities.
Source: worldoil.com
