Nigeria to invite local bids for allocation in marginal oil fields

Jun 13, 2001 02:00 AM

A NNPC official has revealed that the government is poised to invite bids from local companies for the allocation of "marginal" oil fields. The term "marginal" applies to previously abandoned oil and gas wells. Majors had deserted the wells due to non-profitability of the fields, unfavourable price of crude oil or distance from existing infrastructure.

The NNPC source told that the new initiative was designed to provide an opportunity to engage competent Nigerians in the oil and gas sector. Additionally, the move would also enhance the nation's crude output and consequently strengthen the economy.
The official added that the selection of beneficiaries would be through an open and competitive bidding round. The Department of Petroleum Resources (DPR) will liase with interested companies for the allocation of the existing marginal fields.

Source: Energy24
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