NIPCO Upstream operates through NIPCO E&P Limited, a wholly-owned subsidiary established to pursue exploration, development and production opportunities across Nigeria's oil and gas sector. As NIPCO continues to diversify beyond downstream operations, E&P represents our most direct participation in the upstream sector.
The division's strategy is anchored in strategic equity stakes in high-quality upstream companies and producing assets. NIPCO targets assets with proven reserves, existing production and strong management teams — minimising development risk while maximising value creation for shareholders.
In 2025, NIPCO completed its most significant upstream transaction to date — a landmark acquisition of a 30% equity stake in Savannah Energy, a major pan-African energy company with operations in Chad, Niger and Nigeria. This transaction is expected to be significantly value-accretive and positions NIPCO as a meaningful upstream participant at scale.
Upstream EnquiriesIn 2025, NIPCO acquired a 30% equity stake in Savannah Energy — a pan-African energy company listed on the London Stock Exchange. Savannah operates producing oil and gas assets in Chad and Niger, and holds significant gas infrastructure in Nigeria. This stake represents NIPCO's largest upstream investment to date and provides direct exposure to production revenues and long-life upstream assets in West and Central Africa. The acquisition was highlighted as a landmark achievement in the Chairman's Statement for the 22nd AGM.
NIPCO E&P has invested $7.9 million in OML40, an oil mining lease located in the Niger Delta region of Nigeria. OML40 contains discovered oil and gas resources and is operated by an indigenous Nigerian E&P company. NIPCO's investment provides exposure to production upside as the lease moves through appraisal and development phases. The asset is consistent with NIPCO's strategy of participating in indigenous Nigerian E&P ventures.
NIPCO has committed $3 million to Midway Resources International, an upstream company with exploration and appraisal assets in Nigeria. Midway focuses on near-field exploration and development in proven hydrocarbon provinces, offering NIPCO exploration upside at manageable risk. This investment complements NIPCO's portfolio by adding earlier-stage exploration exposure alongside the more mature OML40 and Savannah Energy positions.
"The acquisition of a 30% stake in Savannah Energy is a landmark transaction for NIPCO — our most significant upstream investment to date and a clear statement of our ambition to build a meaningful position across Nigeria's energy value chain."
We actively explore joint ventures, farm-in opportunities and co-investment in Nigerian upstream assets.