President Muhammadu Buhari, says the Federal Government under his watch made over ₦203 billion from sales of petroleum prospecting licenses to 161 firms in its last marginal oilfields bid round.
The President gave the figures at the opening ceremony of the sixth edition of the Nigeria International Energy Summit at the State House, Abuja.
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According to him, the federal government implemented marginal fields bid round and saw to the conclusion of the process which resulted in the award of Petroleum Prospecting Licenses to 161 successful firms.
Also the government raked in about ₦200 billion as well as $7 million from the process.
Marginal oilfields are smaller oil wells situated onshore or in shallow water bodies and are usually developed by local companies.
