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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 17 marginal oilfields are currently producing out of 30 fields awarded since its inception in 1999.
Mr Gbenga Komolafe, Commission’s Chief Executive, NUPRC, made this known at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference on Thursday in Lagos.
“Komolafe, who was represented by Mr Abel Nsa, Head, National Oil and Gas Excellence Centre (NOGEC), said marginal fields award was initiated to increase participation of indigenous companies in the upstream sector and build local content capacity.
He said it was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector and create employment opportunities.
The NUPRC boss said: “Since its inception, a total of 30 fields have been awarded and 17 currently producing.
“A breakdown of the allocation of the fields to indigenous operators is as follows: two fields awarded in 1999, 24 in 2003/2004, one each in 2006 and 2007 and two in 2010. “ Ten years after, in 2020, 57 fields were put up for bidding.”
One of the major tasks inherited by the NUPRC, upon its inauguration last year, was the need to conclude the 2020 Marginal Field Bid Round exercise.
“Consequently, we pursued the matter frontally and are delighted to inform you that the exercise, which commenced in June 2020, has been concluded with the issuance of Petroleum Prospecting License (PPL)to the deserving awardees. “The issuance of the PPL has ushered in a new dawn for our indigenous operators to hit the ground running in developing their awarded assets in line with industry best practices and to take full advantage of the increasing crude price in the international market.”
