Abuja - Indigenous oil companies bidding to acquire marginal fields in the on-going bid rounds have only two years within which to develop them or risk getting the licenses withdrawn.
This is to guide against the ugly incident that happened in 2003, where field winners were unable to develop the fields 10 years after taken possessions, reports Leadership.
George Osahon, Director, Department of Petroleum Resources (DPR), said the government does not want to give these assets out and wait for another 10 years for them to be developed.
He noted that the round was not just meant to grow production but to also increase the capacity of Nigerian firms to operate in the petroleum industry both locally and internationally.
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