By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to develop new oil fields starting in 2026, aiming to increase crude production and raise at least $30 billion by 2030.
The initiative, reported by Bloomberg, is part of a broader strategy to revive Nigeria’s oil and gas sector, unlock stranded assets, and stabilise production. NNPC targets a 5% increase in crude output next year to 1.8 million barrels per day, with a long-term goal of 4 million barrels per day by 2030.
Officials cited by Bloomberg said key investment decisions could be made as early as 2026. The company is reviewing its asset portfolio with plans to divest non-performing oil fields to unlock capital and improve efficiency. NNPC intends to pursue a mix of in-house development and investor-led projects, with a competitive bidding process expected to begin early next year.
The company’s investment push comes amid declining oil output and capital flight in Nigeria’s upstream sector, attributed to regulatory uncertainty, security challenges, and delayed project approvals. Analysts suggest that the planned asset sales could account for more than half of the $30 billion target, with the remainder coming from new investments.
NNPC is also pursuing infrastructure-led growth, including the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which is expected to reach major completion milestones from early 2026.
A spokesperson for NNPC declined to comment on the plans, citing commercial sensitivity.
