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Nigeria Licences Local Firms to Develop Marginal Oil Fields

Nigeria’s government awarded permits allowing dozens of local oil companies to develop 49 marginal fields, concluding a tender process started two years ago.

Marginal fields are acreage carved out of existing permits that operators such as Shell Plc or Chevron Corp. have chosen not to develop. The government is hoping the firms given licenses on Tuesday will help Africa’s biggest crude producer to reverse the country’s declining output.