The Department of Petroleum Resources (DPR) has revealed that the 57 marginal fields awarded to indigenous companies would be an opening for job and investment opportunities in Nigeria.
Disclosing this is in a statement on the Department’s official website, the Director of the Department of Petroleum Resources (DPR), Mr Sarki Auwalu stated this during his announcement of the awards in Abuja.
According to Auwalu, the 57 marginal oilfields awarded is beyond the financial gain it would bring to the government, adding that the other key objective of the project would be its potential to increase job opportunities for Nigerians through fresh investments in the oil and gas sector.
Furthermore, he stated that “the dearth of fresh investment in Nigeria’s oil and gas industry over many years, would be revived by the impact of the 57 fresh acreage awards especially as all are 100 percent indigenous oil and gas companies.
“Another critical attribute of this award is its capacity to further enhance the technical abilities of Nigerian oil and gas entrepreneurs and the sector’s growing manpower base now heading to a complete and convenient takeover of management and operations from foreigners currently at the commanding heights of the industry.
“For the Federal Government, raking in an estimated $500million in signature bonuses from the winners of the marginal oil blocks at a time of acute foreign currency scarcity is no mean feat, aside the project’s complementary role in job creation even if at least half of the awards could come on stream immediately.
“For President Muhammadu Buhari, who had set the target of pulling 100million citizens out of poverty trap over the next 10 years, the new marginal oil fields awards can be a greater enabler for realising that dream given the multiplier economic outcomes of every oil and gas investment.
“A cursory assessment of the projects reveals their multi-dimensional impact on job creation, revenue generation for the Federal Government, technology transfer for indigenous oil and community that are indeed enormous for the nation’s struggling economy.
“One would also not ignore the impact on Local Content Development initiative in the oil and gas industry and its contributions to national oil and gas reserves.
“The multiplier effects on the economy that often manifest through increase in Gross Domestic Product (GDP), and job creation employment cannot be over emphasized.”
The award which came barely one year after the Department of Petroleum Resources (DPR) opened a bid process for 57 marginal fields on June 1, 2020, at the peak of the COVID-19 pandemic.