# Nigerian oil and gas asset restructuring > Live situation record from CLSTR: https://clstr.news/situations/nigerian-oil-and-gas-asset-restructuring > Updated: 2026-08-21T06:24:51.000Z. Sources: 3. Developments: 2. The Nigerian petroleum sector is undergoing a period of asset restructuring and divestment. NNPC Limited has initiated a bidding process to sell stakes in various oil and gas assets, including partnerships with international firms such as Shell, Chevron, and Eni. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) indicates the government may reduce its stake in joint venture assets by 30 to 35 percent to generate revenue for other sectors. In a related transaction, Seplat Energy reached a binding agreement to sell a 10% working interest in four oil blocks (OML 67, 68, 70, and 104) to NNPC for $281.6 million. This sale, effective April 1, 2026, allows Seplat to reduce net debt and issue a special dividend while maintaining operator status and a 30% interest in the assets. Additionally, following a 2025 licensing round, 31 companies have emerged as winners of 37 oil and gas blocks and have begun paying signature bonuses. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that missing payment deadlines will result in the forfeiture of awards. ## Timeline ### 2026-08-21: Nigeria's NNPC opens bids for oil and gas asset stakes NNPC Limited has opened bids for stakes in oil and gas assets, while winners of Nigeria's 2025 licensing round have begun paying signature bonuses for 37 awarded blocks. 3 sources. https://clstr.news/cluster/nigerias-nnpc-opens-bids-for-oil-and-gas-asset-stakes ### 2026-08-02: Seplat Energy sells 10% oil asset stake to Nigeria's NNPC for $281.6 million Seplat Energy will sell a 10% stake in four Nigerian oil blocks to NNPC for $281.6 million, retaining 30% ownership; proceeds will cut debt and fund a special dividend, while lowering Seplat’s production goals. 3 sources. https://clstr.news/cluster/seplat-energy-sells-10-oil-asset-stake-to-nigerias-nnpc-for-2816-million --- Cite as: Nigerian oil and gas asset restructuring. CLSTR, https://clstr.news/situations/nigerian-oil-and-gas-asset-restructuring