Nigeria’s state-owned oil producer, Nigerian National Petroleum Co. (NNPC), plans to develop new oil fields from next year, with the company aiming to raise at least 30 billion US dollars by 2030, Bloomberg reported.

The company expects to increase oil output by 5 percent next year to 1.8 million barrels per day, rising to 4 million barrels per day by 2030. Officials said the new developments will be crucial to reversing years of underinvestment that left several discoveries undeveloped.

Some of the new fields will be developed in-house, while others are expected to be offered for bidding early next year. NNPC is also reviewing its portfolio and plans to sell non-performing fields, with officials suggesting that these disposals could meet more than half of its fundraising target.

In parallel, the company is advancing the 2.8 billion US dollars Ajaokuta-Kaduna-Kano pipeline, scheduled for completion from early next year. Once operational, the pipeline will deliver gas to northern Nigeria, including Abuja, supporting industrial parks, fertilizer plants, and power-generation facilities.

Senior sources noted that while investment decisions for the new fields are expected next year, specific targets and locations remain confidential due to commercial sensitivities. A spokesperson for NNPC declined to comment.

The scale of the plan reflects NNPC’s ambition to restore Nigeria’s position as Africa’s top oil producer and strengthen its energy infrastructure ahead of rising domestic and export demand.