President Bola Tinubu has approved further sales of oil and gas fields abandoned by the International Oil Company, IOC.
The president has given the go-ahead for new marginal land tenders for gas fields that have been idle for more than a decade.
This was disclosed by the Minister of State for Petroleum (Petroleum), Senator Heineken Lokpobiri, on Wednesday, during a facility tour of Waltersmith Petroman Oil Limited’s modular refinery in Ibigwe, Ohaji Egbema Local Government Area of Imo State. .
The minister said bidding activities would begin “soon.”
The new round of bidding comes just three years after some 57 marginal oil fields were put up for sale in 2020, a process that was effectively completed last year, with many of the winning bidders mainly seeking financing. They are still struggling to travel to the site for asset development in order to raise funds. Regulatory challenges.
The minister disclosed in a statement issued yesterday by the Nigeria Content Development and Monitoring Board (NCDMB) that it had received presidential approval for the upcoming fresh tender.
“Marginal areas will (in the future) be prioritized for location and production by companies that own modular refineries,” he promised.
This marginal field exercise is exclusive to Nigerian companies as the Federal Government through this policy is offering local companies the opportunity to more actively participate in the country’s oil and gas exploration and production sector.
According to the minister, “The quickest way to solve the country’s energy problems is through modular refineries, while we are waiting for the complete reconstruction of large-scale refineries. ”
Source: dailypost.ng