Tinubu orders sale of more national assets, approves fresh bids for marginal oil fields

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.

FG moves to sell oil fields to refinery owners

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.

A new modular refinery begins production in Imo

The Nigerian government exclusively reserves marginal oil fields for local firms to participate in oil and gas exploration and production space.

Marginal oil fields are awarded to boost Nigeria’s oil and gas production and reserves, create jobs, and contribute to host communities’ development.

Lokpobiri applauded the Waltersmith Group and the Nigerian Content Development and Monitoring Board (NCDMB) for supporting the Nigerian government’s plan to improve domestic refining capacity.

He said: “The quickest way to fix our energy challenge in the country should be through modular refineries while we await the total rehabilitation of the big refineries.”

According to the minister, the 5,000-per-stream-per-day facility has been a source of diesel, kerosene, naphtha, and high-fuel oil to the domestic market since it began operation three years ago.