Stakeholders discuss ways to raise funds for marginal fields

By Philemon Adedeji

To reinforce efforts by Nigerian government in her 2021 Marginal Fields Bidding Rounds, the first since 2003, Oil sector stakeholders have suggested ways in which funds can be raised for Marginal Fields, as well as expanding know-how regarding the technical nature of reserves, and means of attracting and sustaining funds, among other things.

Arbiterz, a Lagos-based media company which, according to their linkedin profile, “Profiles Nigerians creating livelihoods and building businesses, and analyses the economic and political ideas that shape the opportunities and constraints they encounter,” organised a conference themed, “From License to Oil: Fundraising for Marginal Fields,” at which no less than 28 speakers were in attendance to shed light on cogent areas affecting fundraising in the Nigerian Marginal Fields sector.

The six-hour conference, which opened with a welcome address by the founder of Arbiterz, Dr. Abimbola Agboluaje, and compered by Anthony Osae-Brown, Bureau Chief, Bloomberg Nigeria, was packed full with sparkling ideas from stakeholders in the Media, Energy, Legal and Financial industries, to mention but a select few.

In the highlights of the event, MD/CEO, Niger Delta Exploration & Production Plc (NDEP),  Adegbite Falade expressed his pleasure, and that of NDEP, towards the purpose of the Arbiterz conference 2022.

“I’m extremely delighted and, both myself and my company are subscribers and supporters of this worthy cause that is taking place today. We fully identify with the ideals being promoted by Arbiterz and we believe in the conversations around policy. And, more specifically for the subject of today’s gathering, looking at the issue of Marginal Fields and supporting it from licensing through fundraising to fulfilling the aspiration,  which is a national aspiration. We fully subscribe to it.”

Also, while delivering his speech, Falade decried the decline in Nigeria’s oil and gas output.

“Our peak production as a nation, came around sometimes in 2005 when we did about 2.5 million barrels of oil, and we have steadily declined to struggling to produce 1.4 million barrels, even though our OPEC quota today is 1.7 million.

“What that say is that, not only do we not have the production capacity, but also that we’ve used up our space capacity, and we’re unable to produce. We’re really losing from that, especially when you look at the revenue that should have come from this sector.”

Still in the highpoints, another key speaker, Engr  Gbenga Komolafe, Chief Executive Officer, Nigerian Upstream Pertroleum Regulatory Commission, spoke on the general aspirations surrounding the awarding of Marginal Fields.

“24 Marginal Fields we’re awarded in order to increase indigenous participation, to increase oil and gas production, to create jobs and to generate revenue for the government,” said Komolafe in summary.