The Federal Government will offer marginal oil fields for auction this year despite the crash in crude oil prices, the Group Managing Director of the Nigerian National Petroleum Corporation NNPC, Mele Kyari, has said.
The country has not conducted any licensing round since 2007, while a marginal fields round was last held in 2003.
Kyari said the government would not be able to conduct any major licensing round as the current market realities would dampen foreign investors’ appetite.
He spoke during a virtual dialogue session on government fiscal policy decisions in response to the current challenges organised by the Ministry of Finance and the UK Department for International Development Partnership to Engage, Reform and Learn.
Kyari ruled out the possibility of conducting a substantive, full-scale licensing round, where you require foreign investments.
The Director General, Budget Office of the Federation, Ben Akabueze, in his presentation at the event, said the government would accelerate marginal fields licensing and renewal of expiring oil mining licences as part of measures to augment revenues.
