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Market Report: Nigeria Provisionally Awards Tenders For 57 Marginal Fields


March 15, 2021
The weekly Market Report is provided by Gladius Commodities of Lagos, Nigeria. Download the full report here. Learn more about Gladius Commodities at www.gladiuscommodities.com.
NIGERIA
The Federal Government has provisionally awarded tenders to develop 57 of its marginal oilfields, which could net the government $500 million in signature bonuses. The Department of Petroleum Resources sent out provisional award letters requesting payment within 45 days to secure the awards, which companies can for the first time pay in either dollars or naira.
Marginal fields are smaller oil blocks typically developed by indigenous companies. Nigeria is looking to produce from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the nation’s foreign exchange. The 57 fields in the current auction were launched in June 2020 and are part of the first marginal field round in nearly 20 years. ....

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