The long-awaited auctioning of Nigeria’s marginal oil field would hold before year-end, the Minister of State Petroleum Resources, Timipre Sylva has disclosed.
He made the disclosure during a recent press briefing where he further explained 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.
Bidders will have 56 fields located on land, swamp and shallow water terrains to choose from.
The last marginal oil field bid round was conducted in 2002 as twenty-four fields were given to 32 companies, in 2003, while the licensing round was conducted last in 2007.
Nigeria has been planning for a marginal oil fields round of bidding for more than 10 years.