President Bola Tinubu has approved the conduct of a fresh marginal oil bid round to offer for sale more oil and gas fields left by international oil firms, which have been lying untapped for more than a decade.
Minister of Petroleum (Oil) Heineken Lokpobiri revealed this as he toured the Waltersmith Petroman Oil Limited’s Modular refinery in Ibigwe in Ohaji/Egbema Local Government Area of Imo State.
Lokpobiri said the bid rounds would commence soon.
The new bid rounds come after three years since 57 oil fields were put up for sale, and the process concluded last year.
ThisDay reports that many awardees struggle to mobilize to the site to develop their assets due to funding and regulatory issues.
The minister said in a statement on Wednesday, November 22, 2023, that he had obtained presidential approval to conduct fresh bid rounds for the marginal oil fields.
He said marginal oil fields would be prioritized in terms of their proximity to those with modular refineries so they can produce.
