Nigeria's state oil company is basically having a garage sale. NNPC Limited just opened bidding for partial ownership in a bunch of its oil and gas fields, partnerships it holds with giants like Shell, Chevron, Eni, and TotalEnergies, setting a registration deadline for interested buyers. This move follows their earlier strategy to offload at least a quarter of their stake in select assets, though they have not said how much cash they want or the exact share size up for grabs. The whole thing is facing major heat from oil worker unions, who say it will wreck government income and job security.
The company is pushing this as a portfolio optimization play, wanting to ditch assets they cannot maximize for better profit margins after posting a record profit last year. Their process requires online registration by January 10, followed by pre-screening for technical and financial muscle before access to data rooms and negotiations. A former NNPC finance chief had previously talked about sweating their assets and selling what they could not, plus a potential future public listing, but the current plan focuses on these selective divestments.
Opposition from the unions NUPENG and PENGASSAN is fierce, with leadership claiming the goal is to slash the state's share in key joint ventures from over half down to around thirty percent just for short-term cash. They argue the asset sale directly threatens national revenue streams, the stability of NNPC itself, and the salaries and benefits of workers in the sector, setting up a big clash over the company's direction.
The company is pushing this as a portfolio optimization play, wanting to ditch assets they cannot maximize for better profit margins after posting a record profit last year. Their process requires online registration by January 10, followed by pre-screening for technical and financial muscle before access to data rooms and negotiations. A former NNPC finance chief had previously talked about sweating their assets and selling what they could not, plus a potential future public listing, but the current plan focuses on these selective divestments.
Opposition from the unions NUPENG and PENGASSAN is fierce, with leadership claiming the goal is to slash the state's share in key joint ventures from over half down to around thirty percent just for short-term cash. They argue the asset sale directly threatens national revenue streams, the stability of NNPC itself, and the salaries and benefits of workers in the sector, setting up a big clash over the company's direction.
