NigeriaOracle has entered into Memoranda of Understanding with two indigenous companies; Bolad Energy and Greenacres Energy in order to participate in the Marginal Filed bid round process. Both Bolad and Greenacres are comprised of highly skilled industry professionals with International Oil company or Government experience.
In addition the International oil Companies" are divesting many of their onshore and shallow water assets. Oracle, with indigenous partners, intends to participate in this process.
Nigerian Oil and Gas Industry
Nigeria's proven oil and gas reserves are estimated by the United States Energy Information Administration (EIA) at 37.2 billion barrels and 187 TCF, respectively. Its reserves make Nigeria the tenth largest in world oil reserves and seventh largest in world gas reserves. In 2011 its crude oil production was averaging around 2.5 million barrels per day.
The Marginal Fields program was introduced to encourage indigenous participation in the oil industry and to provide the government with revenue from fields that are currently undeveloped. The program is also intended to discourage continuous holding of undeveloped fields by international oil companies. According to a Nigerian Department of Petroleum Resources (DPR) announcement in 2012 the government intends to open up bidding, by indigenous companies, for fields with commercially viable volumes. The DPR regulates the oil and gas industry in Nigeria.