by Adeoye Adefulu & Lateef Bamidele
The Petroleum Industry Act 2021 (“PIA” or “Act”) introduced changes across the Nigerian petroleum industry, and one of such changes is the overhaul of the administration of marginal field assets. The Act set a deadline of 18 months (February 15, 2023) for the transition of the existing marginal field assets into the PIA terms[1] and put an end to the regime[2] which has hitherto enabled small and indigenous players to participate in the industry for about two decades. This article examines the transition mechanisms for this category of assets and what it portends for the industry operators.
Continue reading “HOW MARGINAL ARE THE MARGINAL FIELDS’ PROVISIONS UNDER THE PETROLEUM INDUCTRY ACT 2021?”