Upstream stakeholders in Nigeria are scheduled to meet at a marginal oil filed Workshop/Business to Business Matchmaking event in preparation for marginal oil fields bid rounds. In what appears to be a novel platform for structured learning and deal making; BusinessDay Media and Meiracopp Nigeria Limited (MNL) will convene local and international organizations to explore marginal field’s opportunities in Nigeria.
Speakers are expected from the Department of Petroleum Resources (DPR), Nigerian Content Development and Monitoring Board (NCDMB) as well top upstream professional service companies, such as Olaniwun Ajayi Law firm. Conveners and participants share the opinion that the traditional hurdles to a successful farm-out exercise will be efficiently tackled in this workshop, thereby providing a smooth platform for increasing indigenous participation and upstream skill domestication in Nigeria.
The aim of the event slated for Thursday October 19, 2017 at the Civic Center in Lagos is to have participants x-ray diverse local and international funding opportunities for field development, have access to a controlled meet up platform to strike deals ( between Technical Partners, Field Developers, Promoters and Financiers) in the forthcoming marginal oil fields bid rounds.
The Editor of Business Day Energy West Africa Mr. Frank Uzuegbunam said “this is also an excellent platform that service providers (law firms, banks, insurance firms, oil field service firms, and technology firms) can leverage to meet and engage potential promoters/ current asset owners and showcase their offerings.
Tominiyi Owolabi Partner and Head of Oil and Gas practice at Nigeria’s leading law firm Olaniwun Ajayi LP, one of the expected speakers says – “Given our extensive experience in this area we know there is that need for world class standards and proper due diligence in critical aspect of the farm-out exercise, so we are keen to bring that in”
The Nigerian government believes that marginal oil fields provide a very meaningful opportunity for increasing national crude oil output, increasing the participation of local firms in the oil and gas sector, as well as creating jobs. Nigerian has a reasonable number of idle assets described as marginal which can be developed using a different approach to contribute to the economy.
MNL CEO, Chijioke Mama explained that “It’s necessary to provide structured support for marginal field developers, so we are commencing elaborate discussion/expert presentations on the risks and opportunities that should guide asset selection”topics from