Mart Resources Inc MAUXF

Next Marginal Bid Round...weeks away

[oiljack14]

 

* there could still be more "summer surprises"....stay tuned....

* I wonder what a producing power like MMT / Midwestern will be able to get with close to two billion barrels of oil / gas up for grabs.....mmmmm......nice!

 

 

UPSTREAM NEWS

Marginal Fields Licensing Round To Be Announced Within Two Months

The Minister of Petroleum Resources, Diezani Allison-Madueke has confirmed that the next marginal fields round will be announced within two months. She confirmed this while speaking at a special lecture at Oxford University hosted by St Anthony's College in conjunction with the Oxford Institute for Energy Studies and the African Studies Centre at Oxford University. The lecture was entitled "The Future of African Energy in a Changing Global Market."

During the lecture she spoke about Africa's rich resource and its prodigious reserves, stressing the fact that, as the largest producer and exporter and the second largest economy in Africa, "Nigeria has been at the heart of every conversation on African energy for the last five decades." During the question and answer session of the lecture, Remi Aiyela, the editor of NOGintelligence asked the Minister for a specific timescale for the announcement of the next marginal fields licensing round. Remi pointed out that the Director of the Department of Petroleum Resources had stated at the official launch of NOGintelligence that the Department had completed the work necessary for the commencement of the next licensing round, including mapping out the fields and preparing accompanying the data packages.

Responding to Remi's question, the Minister explained that the delay in announcing the licensing round was because the government was keen to ensure that the mistakes of the last round were not repeated this time. She then went on to confirm that an announcement would be made within two months.

The Marginal Fields Programme was devised to bring meaningful indigenous participation into the upstream landscape particularly given the large number of reported oil and gas discoveries in the Niger Delta, which over time had remained undeveloped, unproduced and, in some cases, only partially appraised by the international oil companies (IOC's) which deemed them uneconomic.

The first marginal fields licensing round, which was held in February 2003 and in which 24 licences were awarded, brought smaller indigenous players into the upstream sector of the industry. Unfortunately, out of those 24 licences only 9 are producing.

The government is keen to ensure a higher level of success with this licensing round, which the Minister explained, was the reason why the announcement had been continuously delayed.

[OT0911]

Very good news! Mart needs to secure that loan...

[ncider]

     “Unfortunately, out of those 24 licences only 9 are producing. The government is keen to ensure a higher level of success with this licensing round, which the Minister explained, was the reason why the announcement had been continuously delayed.” So what’s the most obvious strategy for ensuring a higher level of success with the next licensing round? Start by granting licenses