The sale of petroleum prospecting licenses to 161 companies in its most recent marginal fields bid round brought in over N203 billion for the Federal Government, according to the President, Major General Muhammadu Buhari (retd).
In his remarks at the State House, Abuja, for the opening ceremony of the sixth edition of the Nigeria International Energy Summit, Buhari said, “We implemented a marginal fields bid round and saw to the conclusion of the process which resulted in the award of Petroleum Prospecting Licenses to 161 successful firms with the Federal Government raking in about N200bn as well as $7m from the process.
Smaller oil wells located on land or in shallow water are known as marginal fields. Local businesses typically develop marginal fields.
Punch.