The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced ambitious plans to develop new oil fields from 2026 as part of a strategic push to attract at least $30 billion in investment by the end of 2030, aiming to reinvigorate the country’s energy sector and expand crude oil output significantly.
According to senior officials familiar with the plan, NNPC will pursue a mix of internally driven field development and investor-led projects, with competitive bidding expected to begin early next year to unlock capital and bring new oil assets into production.
A key component of the strategy involves reviewing the company’s existing asset portfolio and divesting non-performing fields to free up capital for new ventures and infrastructure projects. This asset optimisation is expected to help secure more than half of the $30 billion funding target.
Goals for Production and Growth
If fully executed, the initiative could help stabilise and grow Nigeria’s crude output, with targets set to increase oil production by about 5 per cent to 1.8 million barrels per day in 2026 and achieve up to 4 million barrels per day by 2030.
Alongside oil field development, NNPC Ltd is also prioritising major gas infrastructure projects, such as the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) pipeline, which once complete will expand gas delivery across key industrial hubs and support power generation, fertilizer production, and economic diversification.
Why This Matters for the Energy Sector and Economy
The $30 billion investment plan comes against a backdrop of declining production levels and years of underinvestment in Nigeria’s upstream sector — a situation driven by regulatory uncertainty, security challenges, and delayed project approvals.
By unlocking untapped oil fields and securing fresh capital, NNPC Ltd’s strategy could:
Attract foreign and private capital into Nigeria’s oil and gas value chain.
Accelerate infrastructure development and create jobs in exploration, production and related services.
Strengthen Nigeria’s position in the global energy market.
Generate economic opportunities for downstream services, logistics and local suppliers.
Analysts say that expanding production and investment could enhance energy sector resilience and support broader economic growth, especially if paired with transparent governance and competitive partnership frameworks.
