NNPC to get $7.5b investment from Fox to overhaul operations

Fox Petroleum Group, yesterday, said $7.5 billion will be injected into the Nigerian National Petroleum Company Limited (NNPCL) in the next three years, to enable the state oil firm to overhaul its operations across the upstream, mainstream and downstream petroleum sector.

Making the announcement in a statement signed by Business Representative, Yomi Sola Falana, the company said the move followed “confidence instilled in the current administration of President Bola Ahmed Tinubu through his demonstrable action to increase Nigeria’s oil and gas production and reserves, boost federation’s revenue, create jobs for teeming millions of the country’s population, and contribute to the development of host communities”.

The company believes that the funds would support NNPCL’s growth strategy under the recently enacted Petroleum Industry Act (PIA).

Details of the investment will be unveiled after a closed-door meeting with Tinubu, Fox said, adding that the move aligns with the company’s goal to acquire, invest, and operate energy-producing assets in Nigeria.

Falana sees the development as a positive outcome of good governance, making Nigeria an attractive destination for foreign investors.

The company’s global operations, including projects in India and the upcoming Oman-India Pipeline, showcase Fox Petroleum’s expanding role in the energy sector. The focus on LNG projects signals a strategic shift in response to market dynamics.

Chairman of the company, Ajay Kumar, affirmed that details of the funding deal on offer would be revealed to the general public after the meeting with President Tinubu, who doubles as the country’s substantive Minister of Petroleum Resources.