President Bola Tinubu has approved the sale of more oil and gas fields abandoned by the international oil companies, IOCs.
The President has given the greenlight for conduct of fresh marginal field bid for the gas fields which have been lying fallow for over a decade.
This was disclosed 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, on Wednesday.
The minister said the bid exercise would commence “soon.”
The new bid round is coming barely three years after about 57 marginal oilfields were put up for sale in 2020 and the process effectively concluded last year, amid many of the awardees still struggling to move to site for development of their assets due largely to funding and regulatory challenges.
The minister, in a statement issued yesterday, by the Nigerian Content Development and Monitoring Board (NCDMB), disclosed that he had obtained presidential approval to conduct a fresh round of bidding, which would take place soon.