State-owned energy company of top African oil producer Nigeria, the Nigerian National Petroleum Company (NNPC) Limited plans to sell stakes in some of its oil and gas assets and has called for bids, according to an invitation document seen on Monday.
NNPC owns some assets outright and others in partnership with international oil companies, including Shell (SHEL.L), opens new tab, Chevron (CVX.N), opens new tab, Eni (ENI.MI), opens new tab and TotalEnergies (TTEF.PA), opens new tab. The document did not disclose how much it aims to raise or the size of the stakes on offer, and NNPC did not respond to a request for comment.
NNPC had previously outlined plans to sell at least 25per cent of the equity it holds in select oil and gas fields, either through full divestments or stake reductions, as part of a portfolio optimisation strategy. Oil sector unions opposed the draft plan.
According to the invitation document, which was distributed late last week, interested bidders must register online by January 10, after which pre-screening will follow and qualified firms will gain access to a secure virtual data room.
Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations and regulatory approvals.
Nigeria has struggled to boost crude output and attract investment and is targeting incremental growth through production from marginal onshore fields vacated by international firms.
