January 01, (THEWILL) — The Nigerian National Petroleum Company Limited (NNPC Ltd) has unveiled plans to develop new oil fields as part of a broader strategy to attract $30 billion in upstream investment by 2030.
The initiative is aimed at boosting crude oil production, strengthening Nigeria’s energy security, and reversing years of underinvestment in the upstream sector. NNPC said the planned developments would be driven through a mix of joint ventures, strategic partnerships, and asset optimisation, in line with its commercial mandate.
Industry analysts note that the investment target signals renewed confidence in Nigeria’s oil sector following regulatory reforms under the Petroleum Industry Act, which have improved fiscal terms and operational clarity for investors.
If achieved, the planned capital inflows could support higher output levels, enhance government revenues, and reinforce Nigeria’s position within the global energy market.
Ogochukwu Onwaeze
