The Nigerian National Petroleum Company Limited (NNPC Ltd) has commenced a bidding exercise for the sale of interests in selected oil and gas assets.

The measure appeares to be a renewed effort to streamline the portfolio of the NNPCL.

Details of the move were contained in an invitation to bid document seen by announced on Monday.

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NNPC Ltd holds full ownership of some assets, while others are jointly operated with international oil companies including Shell, Chevron, Eni and TotalEnergies.

However, the company has not disclosed the size of the stakes on offer or the amount it hopes to raise from the divestment.

The proposed sale aligns with an earlier announcement by the national oil company to divest or scale down its equity by at least 25 per cent in certain oil and gas fields. The plan has previously drawn resistance from labour unions within the oil and gas sector.

According to the bid document, interested parties were required to complete an online registration by January 10 which will be followed by a prequalification screening to identify eligible bidders.

Successful applicants will be granted access to a secure virtual data room containing comprehensive information on the assets.

The selection process will involve an assessment of bidders' technical expertise and financial strength, after which shortlisted firms will proceed to document reviews, negotiations and necessary regulatory approvals.

NNPC Ltd said the structured bidding process was aimed at attracting credible investors with the requisite capacity and experience.

The divestment initiative underscores the company's broader objective of optimising its asset base by concentrating on core holdings, while opening up opportunities for greater private and international sector participation.