The Nigerian National Petroleum Company Limited (NNPC) has begun exploring the sale of stakes in some of its oil and gas assets, Reuters reports.

The state-owned energy firm aims to optimise its portfolio and attract new investment into the sector.

An invitation document released on Monday revealed that NNPC has invited bids from interested investors, though the company did not specify the size of the stakes on offer or the expected proceeds from the exercise.

According to the report, “The Nigerian National Petroleum Company Limited, the state-owned energy company of top African oil producer Nigeria, plans to sell stakes in some of its oil and gas assets and has called for bids.”

NNPC holds interests in several oil and gas assets, some fully owned and others operated in partnership with international companies such as Shell, Chevron, Eni, and TotalEnergies.

The document circulated last week stated that prospective bidders must register online by January 10. Following registration, a pre-screening process will determine which firms can access a secure virtual data room containing detailed information on the assets. Prequalification will consider bidders’ technical and financial capacity, followed by document evaluation, negotiations, and regulatory approvals.

The move aligns with NNPC’s earlier indications that it may sell at least 25% of its equity in selected oil and gas fields, either through divestment or reduced holdings, as part of a broader strategy to optimise its portfolio.

Earlier proposals faced resistance from oil sector unions, who raised concerns about potential job losses and the strategic implications of asset sales. NNPC did not provide a comment on the latest invitation at the time of reporting.

Nigeria, Africa’s largest oil producer, has faced challenges in boosting crude oil output and attracting sustained investment, due to regulatory uncertainty, oil theft, and ageing infrastructure. The country is now focusing on incremental production growth, particularly from marginal onshore fields vacated by international oil companies, to stabilise output and increase revenues.

If executed transparently with clear regulatory approvals, the proposed stake sales could unlock capital, enhance asset performance, and attract technically capable operators.