The Nigerian National Petroleum Company Limited is set to sell stakes in select oil and gas assets and has opened the process to interested bidders.

The General Secretary of the Petroleum and Natural Gas Senior Staff Association of Nigeria,
Jerry Amah, confirmed the development to on Monday.

Reuters, which first reported the news, noted that NNPC issued an official invitation document to solicit bids.

According to the invitation document, the publication reported that prospective bidders are required to register online by January 10.

Following registration, a pre-screening process will take place, and companies that qualify will be granted access to a secure virtual data room.

“Prequalification will be based on technical and financial capacity, followed by document evaluation, negotiations and regulatory approvals,” the report reads.

The report stated that while NNPC holds some assets fully and others jointly with international oil companies such as Shell, Chevron, and Eni, the invitation document did not specify the amount the company hopes to raise.

The report further noted that the document did not specify the size of the stakes available.

In September, the Petroleum and Natural Gas Senior Staff Association of Nigeria alleged that the federal government plans to divest significant stakes in joint venture assets operated by NNPC.

“The government is wanting to reduce its stake in these assets, principally, they want to sell some huge percentages in these assets. In some places, sell up 35 percent, in some places sell up 30 percent, so that they will have some cash to spend in other areas. That is the excuse that they are giving,” the association said.

However, PENGASSAN opposed the federal government’s proposed asset sale.