President Tinubu has given the green light for a new marginal field bid round, aiming to auction dormant oil and gas fields abandoned by international oil companies (IOCs) for over a decade.
The revelation surfaced through Senator Heineken Lokpobiri, the Minister of State for Petroleum (Oil), during a visit to Waltersmith Petroman Oil Limited’s modular refinery in Imo State.
He said the decision comes on the heels of a strategic meeting between the Nigeria Extractive Industries Transparency Initiative (NEITI), the Oil Producers Trade Section (OPTS), oil firms and miners at the NEITI-Companies Forum.
According to him, the impending bid round follows a previous initiative in 2020, where approximately 57 marginal oilfields were put up for sale, concluding last year.
He, however, noted that challenges such as funding constraints and regulatory complexities hindered many recipients from promptly developing these assets.
Senator Lokpobiri stressed that the forthcoming bidding round, backed by presidential approval, will prioritize marginal fields located near modular refineries.
He said this strategic alignment aims to expedite the production process.
Emphasizing the significance of modular refineries in addressing the country’s energy challenges, Senator Lokpobiri highlighted their role while the larger refineries undergo comprehensive rehabilitation.
The move by the federal government is anticipated to breathe new life into stagnant oil and gas fields, fostering economic administration’s vitalization in the sector.
