Nigeria’s Ministry Petroleum Resources is expected to generate $600 million from its new marginal fields.
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Thursday in Abuja while speaking at the fifth edition of the Special Ministerial Briefings coordinated by the Presidential Communication Team.
Sylva stated that the process for the acquisition of the marginal fields had been completed and 161 winning bids and they had been notified.
“At least from the last account report I got from DPR, almost 50 per cent of the winners have paid. What we are expecting from the whole process is about $600 million,” he added.
“And of course, we have also given allowance for people to pay in naira so you have to pick which currency to pay in – in naira or dollars.
“So, at this point we cannot give any figure in any currency but just to tell you that payments have been encouraging and they have up to April 20, 2021.”
