Marginal Field Bid Round 2013

Introduction

The oil and gas industry is buzzing with excitement following the recent announcement by the Federal Government of the 2nd Marginal Field Licensing Round. This is understandable given the various delays and postponements that have characterised the commencement of a subsequent marginal field licensing round.

This Marginal Field Licensing Round which comes 12 years after the 2001 Marginal Field Licensing Round is consistent in the objective to boost indigenous exploration and production activities.

The announcement is coming at a time when new investments in the oil and gas industry have been stalled due to the non-passage of the Petroleum Industry Bill (PIB). The non-passage has essentially restricted the Federal Government from increasing itS revenue base and has stifled activities in the upstream sector.