Petroleum Africa
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Tuesday, May 12, 2020
While Nigeria announced last week that it would not hold any bid rounds for its oil fields with high potential for significant reserves until oil prices begin a solid rebound, it will however look at licensing some of its marginal fields.
Group Managing Director of the Nigerian National Petroleum Corp., Mele Kyari, said these marginal fields were less impacted by low oil prices because they would likely be taken up by local producers and would require less capital to develop. The corporation will accelerate these offerings in an attempt to ramp up activity in the sector as revenues are expected to drop by 80% this year.
In related news, on May 11, Reuters reported that Nigeria has put in place policies to ensure foreign investors that want to repatriate funds can exit the country in an orderly fashion, according the country’s central bank.
Foreign investors have sold Nigerian assets at an accelerated pace since February as lockdowns to curb the coronavirus pandemic have stalled economic activity and triggered a crash in the price of oil.
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