President Bola Tinubu has given approval for the sale of more abandoned oil and gas fields previously held by international oil companies (IOCs). This includes the conduct of a new marginal field bid for gas fields that have remained inactive for over a decade.
The announcement was made by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, during a facility tour of Waltersmith Petroman Oil Limited’s modular refinery in Ibigwe, Ohaji-Egbema Local Government Area of Imo State.
The new bid round follows a similar initiative three years ago when around 57 marginal oilfields were put up for sale in 2020. However, many of the awardees from that process have faced challenges in moving to site for development due to funding and regulatory issues.
Senator Lokpobiri stated that the bidding exercise would commence soon. He emphasized that marginal fields would be prioritized based on their location, giving preference to those with modular refineries to enhance local production.
The marginal field exercise is exclusive to Nigerian companies, allowing local firms to actively participate in the country’s oil and gas exploration and production sector. The move aligns with efforts to address energy challenges in Nigeria by promoting the development of modular refineries while awaiting the total rehabilitation of larger refineries.
