Reuters
2 minute read
Nigeria has awarded the rights to develop marginal oilfields to 50% of the 161 firms shortlisted after they met all the conditions, the petroleum regulator said on Tuesday.
Nigeria is looking to production from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the country's foreign exchange.
The award comes a year after the marginal field bid round in 2020 in which 591 companies applied to win 57 oil fields located onshore, swamps and offshore, said Sarki Auwalu, head of the Department of Petroleum Resources (DPR).
Some of the indigenous oil firms include: Shafa Exploration, Matrix Energy and Vhelblerg Exploration.