Nigeria’s NNPC Plans to Develop New Oil Fields to Boost Output

Nigeria’s state-owned oil producer plans to develop new oil fields from next year and seeks to raise at least $30 billion by the end of the decade, senior officials familiar with the plans said.

Nigerian National Petroleum Co.’s push aims to reverse years of underinvestment that have left several discoveries undeveloped, the people said, without disclosing the new fields being targeted. The company expects significant investment decisions to come through next year, according to the people who declined to be identified because the talks involve confidential commercial matters.