In a bid to optimally prepare stakeholders in the proposed marginal oil fields bid round in Nigeria, BusinessDay West Africa Energy and Meiracopp Nigeria Limited are organizing the first Business to Business (B2B) deal making event for both service providers and potential bidders. The one day workshop scheduled to hold in Lagos is structured to provide a partnership vehicle and an excellent deal making background for organizations wishing to participate in the marginal fields bid rounds.
The B2B/Workshop event will also provide a select number of service provider such as; law firms, insurance firms, financial institutions, oil field development firms, technology firms and other vendors; a rare opportunity to showcase their offerings to the community of future and current marginal oil field asset holders.
“We are very keen to provide the enabling environment for marginal oil field farmees to get it right. We believe that the right kind of partnership is key to reaching “first oil” in these marginal fields. So we want to provide early support for proper deal making between promoters, financiers and technical partners. Potential applicants who are still looking to form quality partnership in any of the key areas can leverage this deal making event for success”, said Frank Uzuegbunam, Editor, BusinessDay West Africa Energy.
In addition to deal making and service showcase, the B2B event/ Workshop say attendees will also benefit from expert presentations and a rare insight into the risks and dynamics of marginal oil fields development. The workshop will have top experts from the private sector and representatives from regulatory agencies available to provide further insights into the bid round slated for the coming months.
“We have data to support the notion that hasty partnerships and deal making that exercise little or no due diligence have been the bane of poor success rates in developing Nigerian marginal oil fields. Groups of friends and colleagues coming together to form partnerships as opposed to standard business matchmaking that reinforces each entities’ strengths is a red flag for failure”, said Chijioke Mama, chief executive, Meiracopp Nigeria Limited.
Marginal oil fields provide a very viable tool for growing indigenous participation in the upstream business in Nigeria, as well as, significantly growing Nigeria’s national crude oil output. The last marginal field bid round was held in 2003 which saw more than 20 lucrative oil fields awarded to small indigenous operators.topics from