Marginal Fields Regime in Nigeria
News 25 June 2020
The Federal Government of Nigeria has in recent times been committed to the exploration of idle oilfields in the country to generate the much needed internally generated revenue (IGR) to finance the government's ever increasing expenditures and to promote indigenous participation in the oil and gas sector.
This venture led to the announcement and invitation for indigenous companies to submit proposals for the exploration of marginal fields in consonance with approved guidelines of the Department of Petroleum Resources.
A marginal field is an oil field that may not produce enough net income to make it worth developing and which has not been exploited at a particular period of time. These are fields where oil has been discovered, but not commercially viable to the owners. They are usually discovered by International Oil Companies (IOCs) in the course of exploring larger acreages and which have not been developed for more than 10 years or such field as the President may identify. With the agreement of the IOCs, the DPR carves-out a piece of land surrounding the discovery and this becomes a Marginal field.
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