Overview on the Emergence of Marginal Oil Fields in Nigeria and Their Contribution to the Country's Oil Production
Abstract
The Federal Government of Nigeria initiated the development program of the Marginal Oil Field to increase production, reserves, employment, and indigenous participation in oil and gas business. Between 2000 and 2010, 30 marginal fields were farmed out to indigenous oil companies by the multinational oil companies. As at 2016, only 10 of the fields have been put into production. The marginal fields began production in 2005 with an output of 141,028 barrels which represented less than 0.02% of the country's production. This increased to 0.09% in2006. In 2007,the production significantly dropped to 0.054%. In the following years, there was increase in the number of producing companies with a corresponding increase in production. By 2014, nine marginal field operators were contributing about 2.46% of Nigeria total oil production. More than 66% of the marginal fields have not started production more than 10 years after the fields were acquired.
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