shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » NNPC To Generate $600m From Marginal Fields – Minister

NNPC To Generate $600m From Marginal Fields – Minister

by Joshua
March 29, 2021
in Oil and Gas

The Minister of State for Petroleum Resources, Timipre Sylva, says his ministry is expected to generate 600million dollars from its new Marginal Fields.

The minister made the disclosure at the fifth edition of the Special Ministerial Briefings coordinated by the Presidential Communication Team, held at the Presidential Villa, Abuja, on Thursday.

Sylva stated that the process for the acquisition of the marginal fields had been completed and there were 161 winning bids and they had been notified.

“We have started to receive signature bonuses paid by the winners.

“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 dollars.

“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.

“So there is some time although the jury is still out but we believe that by April we would have got a lot of them to pay,’’ the minister said.

On why the government is investing 1.5 billion dollars on rehabilitation of Port-Harcourt Refinery when at the same time it is talking about privatization and commercialization of the oil and gas industry, the minister said:

“I have always said that our refinery cannot survive with the regime of subsidy; because you cannot be refining at a cost and selling at a subsidized rate.

“Now that constraints will be taken away by deregulation – that is the more reason why we must fix our refineries so that our refineries can now function optimally.’’

The minister maintained that it would be better for government to privatize a functional refinery as it would fetch more revenue for the treasury.

“A functional refinery will definitely fetch more for the government than a non-functional refinery.

“That’s why we feel that we gave to rehabilitate this refinery and then the government will later decide on whether to privatize, whether to commercialize.

“But at this point we want to give Nigerians a functional refinery,’’ he said.

According to him, the government resolved to rehabilitate the refinery based on the recommendations of experts.


Tags: FGNNPC

Related Posts

Nigeria’s Daily Crude Oil Production Drops To 937,766 bpd In September

Nigeria’s Crude Oil Export Revenue Drops by 17% to $6.68 Billion in First Two Months of 2025

June 1, 2025
President Tinubu Signs 6 IMO Instruments Of Accession

FG Rallies Stakeholders to Accelerate Nigeria’s Gas Revolution, Signs Agreement with Ten Equity Partners

June 1, 2025
The Return of Standards Organisation of Nigeria to the ports

SON Raises Concern Over Influx Of Adulterated Lubricants, Engine Oil

June 1, 2025
Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

June 1, 2025

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition