Marginal oil fields are fields where oil has been discovered, but not commercially viable to the owners. In past bid rounds, the use of discretionary power in the allocation of oil fields led to serious distortions and sub-optimal outcomes. Nigeria’s marginal oil fields account for less than five per cent of the country’s total oil production output. According to the DPR guidelines, wholly-owned indigenous oil companies and investors with substantial Nigerian interest operating as oil exploration and production businesses would participate in the bid for the 57 oil fields put up for auction. The PIB can go alongside the marginal fields’ bid rounds,” he said.

Source: The Guardian June 10, 2020 04:30 UTC