Nigeria’s NNPC to develop new oil fields, targets $30 billion raise by 2030

(Bloomberg) – Nigeria’s state-owned oil producer plans to develop new oil fields from next year and seeks to raise at least $30 billion by the end of the decade, senior officials familiar with the plans said.

Nigerian National Petroleum Co.’s push aims to reverse years of underinvestment that have left several discoveries undeveloped, the people said, without disclosing the new fields being targeted. The company expects significant investment decisions to come through next year, according to the people who declined to be identified because the talks involve confidential commercial matters. 

NNPC is also reviewing its portfolio and plans to sell non-performing fields, the people said, adding that the firm will likely meet more than half of its fundraising target.

The energy company owned by Africa’s top oil producer plans to develop some of the fields in-house and is expected to call for bids early next year, the people said.  

A spokesperson for the NNPC declined to comment. 

The company plans to boost oil output by 5% to 1.8 million barrels per day next year compared with 2025 and is targeting 4 million barrels of daily output by 2030.

It also targets the completion of the $2.8 billion Ajaokuta-Kaduna-Kano pipeline, connecting various segments to the main line from early next year, one of the people said. 

Once ready, the pipeline will deliver gas at scale to parts of northern Nigeria including the capital of Abuja, supplying industrial parks, fertilizer plants and power-generation facilities.