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Marginal fields: Interest rate pushing local investors to offshore loans

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Prospective local investors wishing to be part of the planned marginal oil fields bid rounds billed for next year, have started making contacts with foreign financial services firms for access to low interest credits.

Indications to this emerged from in a note released by Ecobank Energy Research Team showing that several operators are likely to involve more foreign financial partners than local banks in their build up to play at the marginal oil fields bidding rounds.

It would be recalled that the bidding round had suffered serial postponements since this before the recent signal that it will take place early next year.

However, the twist in allegations of insubordination leveled against the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru by the Minister of State for Petroleum, Dr. Ibe Kachukwu, may create some levels of shocks on the planned programme based on revelations contained in the leaked petition submitted by the Minister to the president.

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