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Government begins sales of oil fields

29 November 2013, 11:20

Abuja - After twelve years of waiting, the federal government on Thursday finally flagged off the second oil marginal fields licensing round in the country with 31 on-shore and off-shore fields on offer, reports Nation.

Diezani Alison-Madueke,  Minister of Petroleum Resources,  who declared the bid round open in Abuja, affirmed that it would boost the participation of Nigerian indigenous companies in the upstream and thereby increase exploration and production activities in the sector to the benefit of Nigerians and the Nigerian economy.

She noted that the bid process would be completed in the next four months, saying the decision to hold the bid rounds is geared towards opening up the oil and gas sector of the industry to a wider participation.

She encouraged local oil firms indicating interest in the oil field to form consortia that would enable them leverage upon each other’s strengths.

Read more at Nation


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