Marginal field investors to choose from 56 offers – Sylva

Nigeria will be auctioning some marginal oil fields before the end of this year and investors will have the option of choosing from 56 fields, according to Minister of State for Petroleum Resources, Chief Timipre Sylva.

The minister disclosed this in Abuja, saying the government was determined to carry out the exercise this time, after many years of delay.

He, however, was quick to explain that the bid for bigger acreages which would be on offer, concessions in the shallow offshore and deep offshore assets would be dependent on the passage of the Petroleum Industry Bill due to the need to stabilise the fiscal framework.

The last marginal field bid round was conducted in 2002 with 24 fields given to 32 companies in 2003, while licensing round was conducted last in 2007.

Nigeria has been planning for a marginal field round or bidding for more than 10 years.

SOURCE: sweetcrudereports.com