FG Offers 57 Marginal Oil Fields for Grab

• FG Offers 57 Marginal Oil Fields for Grab

To further enhance Nigeria’s oil and gas sector, the Federal Government through the Department of Petroleum Resources (DPR) has put 57 marginal oil fields on offer for licensing.

This was disclosed by the DPR on Monday during the commencement of the 2020 Marginal Field Bid Round.

“The bid round is open to indigenous companies and investors interested in participating in the exploration and production business in Nigeria,” it said.

The government agent defined a marginal field as any oil field that has been discovered but left unattended for not less than 10 years from the date it was first discovered.

“A total of 57 fields located on land, swamp and shallow offshore terrains are on offer,” the DPR said.

According to the DPR, the whole exercise would be done electronically, including expression of interest/registration, pre-qualification, technical and commercial bid submission and evaluation.

“The overall process is not expected to take longer than six months, from the date of announcement and commencement to signing of farm-out agreement with the leaseholders,” the DPR said in its guidelines for the award and operations of marginal fields in the country.