Nigeria's NNPC expands upstream portfolio with deepwater PSCs, $60 billion investment drive
Pictured above: Nigeria's Akpo offshore production field. Image: Sapetro
Nigeria’s NNPC Ltd. is accelerating upstream oil and gas growth with new production sharing contracts alongside TotalEnergies, crude supply agreements with Dangote Refinery, and progress on the Nigeria-Morocco Gas Pipeline. The company aims to attract $60 billion in upstream investment by 2030, strengthening exploration, production, and long-term energy security.
Upstream growth and exploration deals
At the heart of NNPC’s upstream push is the recently signed production sharing contract (PSC) for Petroleum Prospecting Licenses (PPLs) 2000 and 2001 with the TotalEnergies-Sapetro consortium. The agreement, the first PSC to comprehensively cover both crude oil and natural gas, signals Nigeria’s intent to unlock new reserves while driving investment under the Petroleum Industry Act. NNPC says the milestone supports its goal of securing long-term energy supply and attracting capital for exploration drilling and deepwater development.
Strategic supply and refining support
To stabilize domestic refining and strengthen energy security, NNPC has committed more than 112 million barrels of crude oil to the Dangote Refinery from December 2023 to September 2025. The new two-year crude supply agreement under the crude-for-Naira initiative ensures consistent feedstock for Nigeria’s largest refinery while maintaining upstream production momentum.
Gas exports and regional energy trade
Alongside upstream projects, NNPC is advancing the African Atlantic Gas Pipeline (AAGP), a cross-border infrastructure development connecting Nigeria’s vast gas reserves to West Africa, Morocco, and Europe. The initiative ties upstream gas production to export markets, reinforcing Nigeria’s dual role as both a producer and supplier to global markets.
Investment targets
NNPC has set an ambitious goal of attracting $60 billion in oil and gas investment by 2030, with upstream drilling and exploration at the core. The company continues to progress on deepwater projects, seismic acquisition, and new production-sharing agreements, while pursuing refinery upgrades and gas infrastructure to balance domestic demand with export growth.
African Energy Chamber Executive Chairman NJ Ayuk said NNPC’s strategy reflects a clear pivot toward upstream expansion, transparency, and long-term energy security: “By advancing upstream development, expanding gas infrastructure, and strengthening domestic refining, NNPC is positioning Nigeria as a cornerstone of Africa’s energy future.”
