NNPC Seeks Bidders for Oil and Gas Assets Amidst $17bn Revenue Projection

The Nigerian National Petroleum Corporation (NNPC) is seeking bidders for its oil and gas assets to raise funds, with a projected revenue of $17 billion. Notable partnerships with international oil companies like Shell, Chevron, and Eni are involved.

The proposal to sell major stakes in NNPC's upstream, midstream, and downstream sectors was made by Bola Tinubu's policy advisory council. However, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns, warning that the sale could harm the economy, weaken the oil industry, and jeopardize workers' welfare.

PENGASSAN's President, Festu Osifo Nupe, emphasized the potential negative impacts of reducing the government's stake in joint venture assets.