How High Tax Foil Development Of Nigeria’s Marginal Oil Field Assets | Sahara Reporters Chairman of the Society of Petroleum Engineers, Nigerian Council, Joe Nwakwue, told SaharaReporters that some of the assets would be difficult to develop... READ MORE:
The Nigerian Government has been unable to develop much of its marginal oil field assets because the financial environment is too steep for local investors.
Nwakwue said many of these fields, which have a combined reserve of more than one billion barrels, would stay idle if the government failed to revamp the marginal fields program with better tax incentives. “The things that made those assets marginal in the first place, they haven’t removed them,” he added.
The Department of Petroleum Resources, the arm of the Federal Ministry of Petroleum, which supervises the industry, said on its website that it hoped to earn N2.36bn in non-refundable fees for the federal government through the process.There are 57 fields on offer. “They are trying to do the whole thing the way they have been doing it before,” he said, adding that this is the 2001/2002 process again.
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