The Nigerian National Petroleum Company (NNPC) Limited has opened a bidding process to divest stakes in some of its oil and gas assets, signalling a fresh move to attract investment into the sector.
The development was confirmed by Jerry Amah, General Secretary of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), who spoke on the matter on Monday. According to a Reuters report, NNPC issued an official invitation to interested parties, asking prospective bidders to indicate interest through an online registration process.
Under the outlined process, companies are required to register within a stipulated timeframe, after which they will undergo a pre-screening exercise. Firms that meet the initial criteria will gain access to a secure virtual data room containing detailed information on the assets. Further stages of the transaction will involve technical and financial evaluations, negotiations, and regulatory approvals.
While NNPC holds some of the assets outright and others through joint ventures with international oil companies such as Shell, Chevron, and Eni, details of the stakes on offer and the amount the company hopes to raise were not disclosed in the invitation document.
The move comes months after PENGASSAN raised concerns over plans by the federal government to reduce its holdings in joint venture assets managed by NNPC. The union alleged that significant portions of the government’s equity could be sold to generate funds for other national priorities.
PENGASSAN has consistently opposed such divestment plans, warning that large-scale asset sales could have long-term implications for Nigeria’s energy security and workforce.
NNPC has yet to publicly comment on the concerns raised by the union, as the bidding process gets underway.
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