Thursday, February 25African Business News
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Tag: Anthony Agbojo

Federal Government hopeful of $5.7 billion investment from marginal fields

Federal Government hopeful of $5.7 billion investment from marginal fields

Oil & Gas
If the Federal Government succeeds with its on-going bid rounds for the 57 marginal oilfields being offered to investors, it might be able to attract about $5.7billion into the economy. Although the Department of Petroleum Resources (DPR) did not put a specific cost to each oilfield, the regulator however said the fields have lower cost of investment of between $50 and $100 million, and risk of development compared to major capital projects. If it successfully gets investors to stake the maximum on the oil fields, the 57 fields may earn Nigeria additional $5.7billion, an income higher than the loans the Federal Government sought from the Bretton Woods institutions within the last few months to address the effects of the coronavirus pandemic. While awaiting fresh World Bank loa...