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Nigeria is a Country that is richly endowed with a vast amount of resources, ranging from agricultural resources to petroleum resources. Nigeria is the sixth largest Organisation of Petroleum Exporting Countries (OPEC) crude oil exporter and the most prolific Sub-Saharan oil producer, it also boasts as being the eleventh largest oil producer in the world. The Nigerian Petroleum industry is of huge relevance to the functioning of the economy, the industry exists as the lifeline of the country because oil contributes 90-95% of Nigeria's export earnings (as well as 40% of GDP and 80% of government revenue used in meeting Exploration and Production activities and economic development goals). At the present production level, what is likely to occur in the near future is an exhaustion of current reserves, owing to the finite and depletable nature of petroleum resources. In a bid to achieve its policy objectives, the government embarked on bringing on-stream abandoned marginal fields. The question remains how can these abandoned fields be financed considering the nature of such fields?
About the author
Qualified transaction lawyer and arbitrator with over 10 years¿ legal and regulatory experience, much of it in the power, oil and gas sector. Led a wide array of transactions from a legal and regulatory project standpoint and advised extensively on legal issues spanning across various fields of law.
