The Ambassador of the United Arab Emirates (UAE) to Nigeria, Fahad Al Taffaq, has opened high-level talks with officials of the Federal Ministry of Petroleum Resources on deepening cooperation in the oil and gas industry.
Al Taffaq made the remark when he visited the Minister of State for Petroleum Resources, Chief Timpre Sylva, in Abuja on Wednesday.
Nigeria has not held a proper oil licensing round in 15 years a situation that the current administration looks to change, as it grapples with attracting investments to the oil and gas industry.
In a statement signed by the spokesman for the minister, Alhaji Garba Muhammad, the UAE Ambassador commended the agility of President Muhammadu Buhari in ensuring a strong and stable oil and gas sector in Nigeria.
He also applauded the competence shown by the minister and the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, in the sector.
He expressed the UAE’s commitment to investing in Nigeria’s petroleum sector and promised to facilitate high level bilateral opportunities that would deepen the cooperation between both countries.
He promised to facilitate opportunities that would see to the creation of brand-new projects in the short, medium and long term for the benefit of the two countries.
Responding, Sylva said that 2020 remained an important year for Nigerians it proposed marginal field rounds and major bid rounds in the oil and gas sector.
He noted that Nigeria values its relationship with the UAE and would continue to sustain it.
According to him, “2020 is an important year for Nigeria with the proposed marginal field rounds and major bid rounds.”
He added that the UAE has the financial muscle to fully participate in the process.
Marginal Field refers to an oil field that may not produce enough net income to make it worth developing at a given time.
However, if technical or economic conditions change, such a field may become commercially viable. It is usually associated with small pockets of hydrocarbons that have a plateau of a few years.