The Federal Government expects to have all complete bids for marginal oilfields within 10 weeks, the director of the Department of Petroleum Resources (DPR) said on Wednesday.
On Monday, Nigeria launched its first bidding round for marginal fields – smaller blocks typically developed by domestic companies – in nearly 20 years. It hopes the round will boost oil output and bring in much needed revenues.
“The process is within 10 weeks,” DPR Director Sarki Auwalu, said on a conference call.
“We feel that now it is time to open up again. There is an appetite to invest in Nigeria, particularly in marginal fields, because the cost of development is small, so it is profitable.”
