NNPC Eyes Massive Investment Blitz with Five Major Project Decisions by Year-End
Nigeria’s state oil giant NNPC Ltd has announced an ambitious strategy to finalize investment decisions on five critical energy projects worth hundreds of millions of dollars by the fourth quarter of 2025. The announcement signals a major strategic shift under the company’s new board and management team.
Leading the priority list is the development of the significant 2023 offshore Ntokon oil discovery in Oil Mining Lease 102, operated by French major TotalEnergies with a 40% stake alongside NNPC’s 60%. The super-light 40°API crude tested at maximum flow rates of 5,000 barrels per day and will require a 28-month drilling campaign using jack-up rigs.
The state company also plans final investment decisions for crude oil production expansion in OML 29, operated by Nigerian independent AITEO Eastern E&P, plus gas development projects in OMLs 30 and 42. Additionally, NNPC expects to achieve financial closure on the long-delayed $3.5 billion Brass fertilizer and petrochemical plant, which has been stalled for 16 years despite a gas supply agreement signed in October 2024.
Source: africaoilgasreport.com
