FG Rakes In Over N202bn Despite 13 Marginal Fields Being Dormant

Regardless of shortfalls in assembly targets on erroneous oil manufacturing for inner and external use, a entire of N202.91 billion became earned by the Nigerian government in the honest concluded 2020 marginal field recount round.

The federal government opened up on Tuesday that 13 out of the 30 marginal fields awarded since 1999 are for the time being now not functional, due to this fact now not producing erroneous oil.

Whereas the generous 17 marginal fields are being managed, the government stated it additionally awarded 57 marginal fields to about 49 sleek investors in Abuja within the length beneath overview.

Kumornews reports that the government disclosed this exact thru the issuance of the Petroleum Prospecting Licence to the a success awardees in the 2020 marginal field recount round. This, it stated, became pursuant to the provisions of the Petroleum Enterprise Act 2021.

The event came as a success awardees, equivalent to Matrix Energy Community, Petrogas Energy, amongst others, promised to launch oil search from the fields in earnest to enhance the country’s erroneous oil manufacturing.

Speaking on the event, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Charge, Gbenga Komolafe, stated one of many key duties inherited by the NUPRC upon its inauguration final year, became the necessity to manufacture the 2020 recount round.

“As a end result, we pursued the subject frontally and are joyful to point out you that the hiss which commenced in June 2020 is being concluded this day,” he stated.

Komolafe explained that historically, the marginal fields award initiative began in 1999 and became borne out of the necessity to entrench the indigenisation coverage of government in the upstream sector of the oil and gasoline alternate and build native converse material skill.

“Moreover, the initiative became additionally targeted at constructing employment alternatives and encouraging elevated capital influx to the sphere.

“Since its inception, a entire of 30 fields had been awarded, with 17 for the time being producing. A breakdown of the allocation of the fields to indigenous operators is as follows: two fields awarded in 1999, 24 in 2003/2004, one every in 2006 and 2007, and two in 2010.

“Ten years after, in 2020, 57 fields had been attach up for bidding. All over again, it is miles powerful that the 2020 marginal field recount round hiss in appreciate of which PPLs are being issued this day has attracted government revenue of about N200bn and $7m (N2.91bn at legit alternate rate of N415.64/$) respectively,” Komolafe explained.

In his observation, the Community Chief Executive Officer, Matrix Energy Community, Adisa Aliu, stated a success investors in the recount would with out extra hesitation launch an oil search.

He harassed out that the contributions of marginal field operators would positively make stronger the month-to-month demand for oil, assembly the well-known quota licensed for Nigeria by the Organisation of Petroleum Exporting Countries.

“We’re joyful on the conclusion of this hiss and we’re bright to make contributions our quota in helping to fulfill the target licensed for Nigeria and as effectively wait on in shoring up revenue for our county,” he stated.

He, alternatively, famend that security might well maybe maybe additionally restful be improved in the Niger Delta, as this had been a field to now not honest the manufacturing of erroneous oil, however to the foremost progress of the sphere.