Business Hilights
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Oil sector in dilemma as wait for Buhari hangs marginal fields licencing

More business and economic development issues suffering the absence of the President and Commander in Chief, Muhammadu Buhari seem to be growing by the day.

The latest in the row may be the proposed marginal oil fields licensing rounds by the Federal Government which by law, must get the express nod of the president before takeoff.

Business Hilights gathered that the licensing round had been put on hold since his departure to London for Medicare.

Marginal fields in Nigeria are undeveloped discoveries located in acreages held by oil majors.

Twenty-four of such fields were awarded in 2003 to 31 Nigerian independents. Four more have since been granted outside the process of a bid round since Ministry of Petroleum Resources had said that the planned marginal fields round, which was initially billed to take place in September this year, will be a continuation of the one held by the last administration.

It would be recalled that the Minister of Petroleum Resources, Dr. Ibe Kachikwu, had in May this year in United States of America kicked off campaign for the bid round, but didn’t specify when it will start.

Currently, there are fears from quarters as details from Africa Energy Intelligence said Buhari allies don’t want to see him handle the process from London.

Many of the Buhari’s caucus affiliates fear that the licences which several portions boost of mega oil reserves may be tilted towards followers of the acting President than Buhari who had been in London receiving medication.

Though it was very hard to confirm such fears at the corridors of power in Aso Rock, but the recent outburst in a tweet by the wife of the President, Aisha that the days of the ‘Hyenas and Jackals’ are numbered as his husbands return will see to their ousting to stabilize the Villa for weaker animals who are currently in fears.