Minister of State for Petroleum Resources, Dr Ibe Kachikwu recently revealed that the Federal Government hopes to reclaim dormant oil fields from multinational oil companies functioning in Nigeria.
The minister stated this at the Nigeria International Petroleum Summit, NIPS held in Abuja.
He expressed worry over the number of oil and gas fields that were lying idle in the portfolios of international oil companies operating in the country.
According to the minister, the Ministry made the decision to help generate funds for the government which is $2 billion target.
He further explained that the Ministry of Petroleum Resources had decided to renew oil and gas leases 6 months before their expiration.
Meanwhile, he noted that indigenous oil operators’ contribution to national oil production stood at around 11 per cent adding that the growth level is expected to increase to about 30 per cent in the next couple of years.