The Nigerian National Petroleum Company Limited (NNPC Ltd) has initiated a bidding process for the sale of interests in a number of oil and gas assets, in what appears to be a renewed push to streamline its investment portfolio.
Details of the development were contained in an invitation-to-bid document made available on Monday. NNPC Ltd currently has full ownership of some of the assets listed for sale, while others are operated under joint venture arrangements with international oil companies such as Shell, Chevron, Eni and TotalEnergies.
The national oil company, however, did not disclose the specific equity stakes being offered or the expected proceeds from the divestment exercise.
The move is in line with an earlier declaration by NNPC Ltd of its intention to divest or reduce its equity holdings by at least 25 per cent in certain oil and gas fields. That plan has previously faced opposition from labour unions within the petroleum sector.
According to the bid document, interested investors were required to complete an online registration by January 10, after which a prequalification screening would be conducted to determine eligible bidders.
Companies that pass the initial screening will be granted access to a secure virtual data room containing detailed information on the assets. The process will then progress through evaluations of technical capacity and financial strength, followed by document reviews, negotiations and the securing of relevant regulatory approvals.
NNPC Ltd said the structured bidding exercise is designed to attract investors with proven technical competence and financial capability.
The divestment programme reflects the company’s broader strategy of optimising its asset portfolio by focusing on core operations, while creating room for increased participation from private and international investors.
