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A n I n v e s t o r ’ s G u i d e t o M a r g i n a l F i e l d A c q u i s i t i o n i n N i g e r i a

A n I n v e s t o r ’ s G u i d e t o M a r g i n a l

O i l F i e l d A c q u i s i t i o n i n N i g e r i a

A u g u s t 2 0 1 5

C H I J I O K E K . M A M A


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I n v e s t i n g i n m a r g i n a l o i l f i e l d s i s N O T a w a s t e o f

t i m e . A l t h o u g h i t c o u l d b e !


C o n t e n t s

F r o n t c o v e r

D i s c l a i m e r

C o n t e n t s

A b o u t t h e R e p o r t

I n N i g e r i a

I n F o c u s

F o r W h o

1 . B a c k g r o u n d : m a r g i n a l o i l f i e l d s i n N i g e r i a .

2 . P o l i c i e s & R e g u l a t i o n

Short term outlook of Marginal Oil Fields in Nigeria

Insert: The law on Marginal Oil fields in Nigeria

Some Recent divestments & acquisitions in Nigeria

Policy gaps & challenges in MOFs

Regulatory hurdles in MOFs

Government’s reforms in Nigeria.

3 . F i n a n c i n g M a r g i n a l O i l F i e l d s

The challenge (What has changed since 2003)

Insert: Some past small & MF financing schemes

Foreign Partners, local & International Banks

Insert: Recent exposures of Nigerian banks to the energy sector

Some financing structures (R e s e r v e s -based Lending & Revenue-Based fi

nancing


Insert: comparing financing structures for Marginal Oil Fields

Royalty Based Financing may be suitable for Nigeria's MFs

Reserves - Based Lending (RBL)

Insert: Key elements of Reserves -Based Lending mechanics

Case

Seplat Petroleum Development Company Plc.

Insert: Facts: Seplat Petroleum Development Company Plc.

4. DPR’s farm out guidelines

2003 licensing rounds

Insert: Stated objectives (Ministry of Petroleum Resources) of the 2013

licensing round

2013 licensing round guidelines

Insert: Definition of Marginal field by the Nigerian Ministry of Petroleum

Comparative analysis: 2003 v 2013

5. Some post-award concerns

Farm-out Agreement (FA)

Technical Factors and Risks in Niger Delta

Insert: Recommended guidelines for developing marginal fields in the Ni-

ger Delta

Reviewing some upstream risks

Insert: Sliding scale royalty rate to state


Insert: Sliding scale overriding royalty rate.

Insert: Some Risks Associated with Marginal oil fields

Community issues

Insert: Comparison: Marginal Oil Field tax Incentive in Malaysia

Petroleum tax & fiscal regimes that affect MFs

Insert: Some tax incentives and deductions for Marginal Oil Field Opera-

tors

6 . I m p r o v i n g i n f e r i o r e c o n o m i c s : M o d e l s a n d s t r a t e g i e s

Niche technical and executional capabilities

Insert: Facts about Mart Resource

Synergistic Strategies

Gas assets monetization

Insert: Some current and planed gas projects in Nigeria

Petrochemical opportunities.

Insert: Some marginal field gas assets and utilization

7 . 2 0 0 3 b i d r o u n d

P r o d u c i n g f i e l d s a n d t h e i r p r o d u c t i o n v o l u m e s .

I n s e r t : r e c e n t p r o d u c t i o n v o l u m e i n s o m e M O F s

2 0 0 3 L i c e n s e R o u n d s : n o n - p r o d u c i n g f i e l d s


8 . G o v e r n m e n t : s t r a t e g i e s f o r o p t i m i z i n g i n v e s t m e n t

a n d s u c c e s s i n M Fs

Why Optimize support frameworks for marginal field investors?

Insert: Some MF development benefits to nations

National Development

Springboard for the growth of small and mid cap firms.

Government: SOFT support frameworks

Transparent execution of licensing rounds & Robust guidelines

Explore wider foreign investor participation options that do not usurp local

dominance

Government: HARD support frameworks

Superior Regulations around MFs

Strategic and integrated development plan.

Promote favorable financing schemes

Summary

Nigerian marginal fields profile

A p p e n d i x e s ( D i a g r a m s & Ta b l e s )

Q u i c k f a c t s o n N i g e r i a ’ s m a r g i n a l o i l f i e l d s [ b u l l e t s ]

S o m e o f t h e m a r g i n a l f i e l d s o f f e r e d f o r t h e 2 0 1 3 b i d r o u n d

( t a b l e )


T here are about 70,000 known oil fields in

the world of which only about a 100 of

them classified as “giant fields” pro-

duce halve of the worlds’ daily pro-

duction. In 2008, former CEO of Shell Jeroen Van de

Veer said that “the era of easy to find oil was

coming to an end” There are evidences to support the view that the worlds con-

ventional oil is fast disappearing.

Present day production, as well as future finds, promises some form of marginali-

ty. Whether one is analyzing the finds in deep waters (above 1000ft {305m}), ul-

tra-deep waters (above 5000ft {1,524m}), shale oil of North America or the

small fields in Nigeria that holds small reserves; constrained by the absence of

delivery infrastructure and very inferior economics. It could be said that a sig-

nificant portion of the worlds’ reserves requires unconventional approaches to

bring on-stream.

Recent fall in global commodity price has introduced new dimensions in the way

the world produces, sells and consumes energy. With recent increases in levels

of domestic production in the US (which has contributed to the global glut) and

the potential return of Iran’s oil to the mainstream market, analyst are constant-

ly shifting paradigms on where - actually - is the new frontier. Sub-Saharan Afri-

ca (SSA) and West Africa in particular remains a top source of global production

and a valid destination for global Foreign Direct Investment (FDI) in Oil and Gas.

Although shaken by new finds and aggressive development plans in East Africa;

(Tanzania, Kenya, Uganda and Mozambique) West Africa is still the leader for

SSA. Led by Nigeria and Angola, this region still shows good investment appetite.

Nigeria’s Oil and Gas industry - which remains attractive in many aspects - is

still plagued by a plethora of challenges. Despite holding a huge estimated 38 bil-

lion barrels of proved reserves (second only to Libya in Africa) and about 187

trillion cubic feet (tcf) of gas (9th largest gas reserves in the world), Nigeria’s

exploration activities has slowed down significantly in the last decade.

With about 2.3 billion reserves held in marginal and small fields and a growing penchant among the big International Oil Companies (IOCs) for deep and ultra -deep offshore assets Nigeria; small upstream players have huge opportunities in Nigeria. This report realizes the enormity of this opportunity and thus makes to shine a spotlight on it, for all stakeholders.

About The

Report


N igeria holds

an estimated

2.3 billion

barrels of

crude oil reserves in over 183 fields classified as marginal. While investors

realize that these fields hold significant revenue potential, the Nigerian gov-

ernment, also realizes that these reserves can make significant contribution

towards national development.

Various policies has been implemented within the last decade to encourage

investment in these fields. And the government has continuously demon-

strated a willingness to facilitate the derivation of the national gains that

are tied with the development of these fields. Nigeria’s marginal

oil fields are fairly popular - for various reasons - in

Oil and Gas hubs around the world

Despite numerous hurdles in operating in the

Niger Delta basin, there is a huge appetite

for investment in these fields both locally

and internationally; good news!

Favorable conditions ranging from familiar

geology, to the availability of skilled talents

and the somewhat attractive regulation

around marginal oil f ields (such as “pioneer

status” that is granted to farmees, lower & sliding

scale royalties and other good fiscal arrangements) has been

identified.

However, the performance of the licenses awarded in 2003 by Nigeria’s De-

partment of Petroleum Resources (DPR) continues to douse investment op-

timism. Of about 30 licenses awarded in the last 14 years, Nigerian National

Petroleum Corporation (NNPC) reports (in its Annual Statistical Bulletin

(ASB) )that only nine fields are currently producing . Eighteen of these li-

censes has been classified as non -producing and requires the farmees to re-

linquish the assets after ten (10) years (having had the opportunity of a li-

cense renewal after the initial five years duration expired).

The failure rate recorded in the last exercise may not be indicative of the

current state of things. A lot has changed since 2003, that may have im-

proved the economics of marginal fields in Nigeria. The challenges are still

high nevertheless, but Nigerian’s government has continued to show a will-

ingness to support investors in many ways and operators are learning too.

In Nigeria

2.1% Nigeria’s produc-

tion from marginal

oil fields


G iven the limited

amount of literature on

the problems, gains and outlook of marginal fields acquisition and operation in Ni-

geria; this report attempts to take the lead. It originates from many years of data

gathering and analysis, it will take a critical look at the issues associated with in-

vesting in Nigeria’s marginal oil fields.

Strategy

Bringing a marginal field on stream by its very definition is a task that can stretch

profitability to the brink. But many operators have gone ahead to make these

fields profitable. Many have gone further to increase value by raising production

levels, improving reserves replacement rations (RRR) and transitioning into

midcap and big upstream players.

The solution is strategic management. From integrated field development proce-

dures to ingenious gas monetization strategies and synergies that see cost of de-

livery infrastructure lowered through sharing. Analyst has suggested many crea-

tive pathways to lowering production cost per barrel for marginal oil field opera-

tors and thus extending the life of the field and the business itself.

In focus!

Strategizing

One Nigerian operator installed a topping plant with 1000 bbl/d ca-

pacity enhancing the overall economics of production in many ways.

A group of operators in a cluster rallied to develop a shared pipeline

infrastructure; lowering cost and improving deliverability.

One operator successfully negotiated a Reserved-Based Lending

(RBL) facility that led it to first oil.


This report will examine the history of upstream financing in Nigerian marginal fields,

the recent developments, what has changed since the last licensing rounds, the various

financing models, the current and potential role of foreign investors and research

based findings on the suitability of a number of funding models such as Reserve-Based

Lending (RBL) and Revenue Based Financing (RBF).

The increasing importance of alternative funding and what government can do to low-

er the barrier to funding and optimize investment.

In addition to exploring the specific regulations that affect marginal oil fields, some of the

findings in this reports may mirror the wider upstream regulatory and investment envi-

ronment, as well as, the risks and their interplay with global and Nigerian trends; within

which the marginal fields may be considered a sub unit. In-spite of the numerous regula-

tory incentives available for marginal and small oil field operators, there are significant

areas of ambiguity worthy of redress. There are some regulations and fiscal arrange-

ments that lower the bankability of some assets. Notable among which is the ministerial

consent which adds substantial delays to mergers, acquisition and divestment-type trans-

action while limiting the securitization of investments - especially foreign investments.

Poor asset relinquishment practices and the uncertainty around the granting of pioneer

status to companies in petroleum operations with respect to the provisions of Nigeria’s

Industrial Development (Income Tax Relief) Act (IDITRA) can significantly increase the

risk facing the operators.

Technology

Successful marginal fields operators in Nigeria, typically have management teams

made of professionals who have had a long career with the IOCs. These people, bring

the technical and management skills that is needed to overcome the technical hur-

dles which are too often encountered. Working with an IOC is however, not a recipe for success; As

many have been led by entrepreneurs with mere savvy. A frequent element in this arrangement is the involve-

ment of a foreign technical partner, often with proven capability in small and marginal oil fields in other re-

gions. The report will review some technical partnership that have worked so far and how they are evolving.

Finance

Regulations


I n a predictive

recognition of the

ever increasing role of small E and P companies in Nigeria and the wider Gulf

of Guinea; this report attempts to bring into full and singular perspective, the

numerous elements that has formed the crux of the discourse around small and mar-

ginal oil fields in Nigeria. Consequently, it will make a good read for diverse stake-

holders in small and marginal oil fields. Petroleum transaction advisers, financial in-

stitutions (Banks & Insurance companies) alternative lenders, investors (both foreign

and Nigerian) legal advisors and senior government officials, E and P service firms

and stakeholders in small and marginal oil field communities and regions.

For Who?

Figures

141 million barrels = reserves held in farmed out marginal oil fields as

at 2004.

302.6 million barrels = reserves held in farmed out marginal oil fields

in 2013.

18,0000 barrels per day = production volume for operator Midwestern

Oil.

US$2.5billion = the amount provided by indigenous banks for oil field

development within the last 5 years.


T h e l a w o n M a r g i n a l O i l F i e l d s i n N i g e r i a

A c o n c e s s i o n h o l d e r m a y f a r m o u t a m a r g i n a l f i e l d s i t u a t e d

u p o n i t s c o n c e s s i o n , w i t h t h e a p p r o v a l o f t h e h e a d o f s t a t e

a s t o t h e f a r m o u t t e r m s a n d c o n d i t i o n s .

T h e h e a d o f s t a t e i s e m p o w e r e d t o f a r m o u t a m a r g i n a l f i e l d

i f t h e f i e l d h a s b e e n l e f t u n a t t e n d e d f o r a p e r i o d o f n o t l e s s

t h a n t e n ( 1 0 ) y e a r s f r o m i t s d a t e o f d i s c o v e r y .

T h e h e a d o f s t a t e a l o n e m a y c l a s s i f y f i e l d s a s m a r g i n a l f o r

t h e p u r p o s e o f t h e l a w .

T h e h e a d o f s t a t e s h a l l n o t a p p r o v e o f a f a r m o u t a r r a n g e -

m e n t o r c a u s e a n y f i e l d t o b e f a r m e d o u t u n l e s s i t i s i n p u b -

l i c i n t e r e s t t o d o s o ; a n d i n a d d i t i o n , i n t h e c a s e o f n o n -

p r o d u c i n g m a r g i n a l f i e l d s , t h a t t h e m a r g i n a l f i e l d h a s b e e n

l e f t u n a t t e n d e d f o r a r e a s o n a b l e t i m e n o t l e s s t h a n t e n ( 1 0 )

y e a r s a n d t h e p a r t i e s t o t h e a r r a n g e m e n t a r e a g r e e a b l e t o

t h e f e d e r a l g o v e r n m e n t .

US$1.25 million

Estimated fixed annual OPEX

for a marginal oil field in Ni-

geria

US$3.5/bbl

Estimated variable

OPEX for a marginal oil

field in Nigeria.


Despite its constraints , marginal fields do provide a viable means to grow both produc-

tion and reserves. In 2004 all the awarded marginal fields in Nigeria held a total of

about 141 million barrels of oil , by 2013 that value has increased more than a 100 per-

cent to about 302 million barrels. on November 28, 2013 Nigeria’s Department of Pe-

troleum Resources (DPR) announced it was starting a process to farm out 31 fields.

The announcement generated a lot of interests around the world, but that exercise was

later aborted. Without a formal statement on the reason for withdrawing it; Nigeria’s

Department of Petroleum (DPR) left many investors and stakeholders speculating.

With some months between that period and the end of the

administration of former President Jonathan, many felt

some activities may be seen before the end of his govern-

ment in May 2015.

The outlook for potential investors and current operators

is positive. The industry has evolved since the last exer-

cise, such that new capabilities has emerged and a number

of changes has taken place.

Nigeria has witnessed a spate of divestment since 2010.

Initiated by the exit of BG group from the consortium for

the development of Olokola LNG export. (development

was being pursued by Shell, Chevron, NNPC & BG) other

divestment happened. Conophillips sold its rights in three Oil Prospecting Licenses

(OPLs, 336, 282 and 284) to Oando group—a Nigerian integrated Oil and Gas firm.

Petrobras sold its assets to brazil based investment bank BTG Pactual. Shell followed

with the divestment of eight assets by the end of 2012. and another set of four (13, 16,

71, 72) announced in 2013.

These divestments has three significance for the outlook on marginal fields. Acquisition

of proved assets provide a relatively easier path to reserves replenishment (compared

with exploration) - which is often top priority for operators . By virtue of its participa-

tion in these recent divestments, seplat Petroleum Development (formed by a merger

between Platform Oil and Gas and Sheba) has gone ahead to establish


C o m p a r a t i v e a n a l y s i s : 2 0 0 3 v 2 0 1 3

As marginal oil fields and their operators increasingly demonstrate their importance to

the oil and gas industry in Nigeria and the entire country as well. Government will invari-

ably make more efforts towards the creation of better operating environments and

friendlier regulations. Some elementary difference in the guidelines and bid process of

the 2003 farm out program and the failed 2013 campaign has been observed. While these

changes may be subtle they demonstrate a willingeness to enhance the program by DPR;

25% Maximum equity

The implication of this new requirement ,which was not there in the previous round, is that the

minimum number of equity holders in a single application is now four (4). This requirement

seems to stem from earlier experience, where improper and poor ownership structures had ad-

verse effects on operators activities. Ensuring that applicants consist (at least at the onset ) of

teams rather than sole promoter.

Timeline

Although the 2013 process was aborted, the guidelines specified a timeline of six (6) months from

start to finish. Obviously the length of time it took to complete the 2003 exercise (about 2 years)

may have contributed to some substandard practices in that exercise. There are unverified re-

ports of possible political interference in the process that led to licenses being given to entities

that did not merit it and consequently the massive failure recorded by most of the operators.

Selection committee

According some reports, the inclusion of external financial advisers was an effort to ensure that

applicants have the capability to raise the much needed funds for signature bonus and field devel-

opment. The last exercise and other licensing rounds in Nigeria had winners who were unable to

pay the stipulated signature bonus within the agreed timeframe (90 days for the last marginal

field exercise). The fact that financing MFs is often the most conspicuous hurdle for Nigerian op-

erators, ensuring that applicant are well positioned to raise the needed funds is a good control

measure.

Signature Bonus

A 100 percent increase in signature bonus was seen, from US$150,000 in 2003 to USD$300,00 in

2013. Some analyst believe that these bonuses are nevertheless too low and has recommended

an increase to deter unserious bidders.


Farm out agreement is the activity that immediately follows license awards. The operator

will be required to draft and execute a tripartite agreement with the farmor and the gov-

ernment; who are interest owners in the field pursuant to its discovery. Until total relin-

quishment which is proposed in the pending Petroleum Industry Bill (PIB) in Nigeria is im-

plemented, the nature of this agreement may not change substantially from what it has

been,. Very experienced legal skills will be required to oversee this activity to ensure that

the rights and interests of the farmees are adequately provided for.

Operators will need to high topnotch legal teams that understand the technicalities and

pitfalls in this agreement (especially as it related to the Niger Delta and Nigeria’s petrole-

um laws). A good agreement will eliminate some possible, unnecessary, expenses and pre-

cious time lost in addressing law suits and dispute settlements. Some of which may arise

from infringements. It will also Ensure that stranded cost are not allocated to the farmee

or ignored altogether.

The period following license awards should be used to pursue aggressive field develop-

ment rather than legal wrangling. Once FA is executed, operators have considerable lee-

way into other activities. In addition to numerous other considerations, an FA will consider

the following:

Indemnity

The activities of a marginal field operator in a license belonging to multinationals could create

serious problems with respect to all aspects of exploration and production operation, including

but not limited to environmental issues, management of community issues and abandonment.

5 . S o m e p o s t -

a w a r d c o n c e r n s

Fa r m - o u t A g r e e m e n t ( FA )


A P P E N D I X B

S o m e o f t h e m a r g i n a l f i e l d s o f f e r e d f o r t h e 2 0 1 3 b i d r o u n d

( L i c e n s i n g r o u n d w a s a b o r t e d )

O p e ra t o r : S h e l l P e t r o l e u m D e v e l o p m e n t C o ( S P D C )

| F i e l d N a m e | L o c a t i o n | T e r r a i n | B l o c k ( O M L ) | 2 P ( m m b b l )

1 . B e n i e l e O n s h o r e ( R i v e r s ) L a n d 1 1 2 4 . 4

2 . O b u z o O n s h o r e ( R i v e r s ) L a n d 1 1 1 0 6 . 2

3 . O f e m i n i O n s h o r e ( R i v e r s ) L a n d 1 1 1 1 . 6

4 . U z u a k a O n s h o r e ( R i v e r s ) L a n d 1 1 3 1 . 6

5 . E m o h u a O n s h o r e ( R i v e r s ) S w a m p 2 2 2 9

6 . E g b o l o m O n s h o r e ( R i v e r s ) L a n d 2 3 2 1 9 . 8

7 . O k i o r i O n s h o r e ( R i v e r s ) S w a m p 2 9 2 0 . 6

8 . I g b o m o t o r u O n s h o r e ( B a y e l s a ) S w a m p 3 3 2 9 . 5

9 . I g b o m o t o r u N O n s h o r e ( B a y e l s a ) S w a m p 3 3 3 4 . 4

1 0 . K o r o l e i / O s u a p e l e S W O n s h o r e ( B a y e l s a ) S w a m p 4 6 5 4 . 1

1 1 . B e n i n E s t u a r y O f f s h o r e ( D e l t a ) S h e l f 4 3 4 3 . 1

O p e ra t o r : C h e v r o n N i g e r i a Lt d ( C N L )


1 . O l u r e / B i m e / O m e f e j o O n s h o r e ( E d o ) S w a m p 4 9 3 6 . 8

2 . A l a o m a O n s h o r e ( I m o ) L a n d 5 3 7 5 9 . 9

3 . I h e o a m O n s h o r e ( I m o ) L a n d 5 3 3 4 . 4

4 . O b i r a / K u d o O f f s h o r e ( D e l t a ) L a n d 8 9 5 6 . 6

5 . A z a m a / R u t a O n s h o r e ( O n d o ) S w a m p 9 5 5 6 . 6

6 . M e t a O f f s h o r e ( O n d o ) L a n d 9 5 3 5 . 6

7 . O l o y e O f f s h o r e ( O n d o ) L a n d 9 5 7 6 . 7

8 . S h a n g o O f f s h o r e ( O n d o ) L a n d 9 5 2 6 . 7


O p e ra t o r : M o b i l e P r o d u c i n g N i g e r i a U n l t d


1 . A m a n i b a O f f s h o r e ( A k w a I b o m ) S h e l f 6 7 4 4 . 5

2 . E k p a t O f f s h o r e ( A k w a I b o m ) S h e l f 6 7 6 6 . 9

3 . U d i b e O f f s h o r e ( A k w a I b o m ) S h e l f 6 7 7 0 . 6

4 . I b o m O f f s h o r e ( A k w a I b o m ) S h e l f 7 0 1 3 3 . 8

5 . N k u k u O f f s h o r e ( A k w a I b o m ) S h e l f 7 0 1 6 2 . 4

6 . U d a r a O f f s h o r e ( A k w a I b o m ) S h e l f 7 0 5 6

O p e ra t o r : N i g e r i a n A g i p O i l C o m p a n y Lt d ( N A O C )


1 . O d i m o d i O n s h o r e ( D e l t a ) S w a m p 6 2 6 0 . 7

2 . A j a k e t o n O n s h o r e ( B a y e l s a ) S w a m p 6 3 3 8 . 2

O p e ra t o r : To t a l E & P N i g e r i a Lt d


1 . U s o r o O f f s h o r e ( A k w a I b o m ) S h e l f 1 0 0 9 8

2 . I k o n g I b i o m O f f s h o r e ( A k w a I b o m ) S h e l f 1 0 0 5 2

3 . A k a m b a M f o n i s o O f f s h o r e ( A k w a I b o m ) S h e l f 1 0 0 2 0 7

4 . A s a s a W e s t O f f s h o r e ( A k w a I b o m ) S h e l f 1 0 0 1 9 8


A b o u t T h e A u t h o r

C h i j i o k e K . M A M A

P rolific energy researcher and analyst, he has authored extensive analytical

works on diverse issues in Africa’s hydrocarbon economies. He has special

research interests in upstream petroleum policy, small/ marginal oil fields

solid minerals in Africa and Mergers & Acquisitions (M & A) in Oil and Gas.

He founded the column “Africa’s Barrel Equations” featured on major energy media

platforms such as BusinessDay West-Africa Energy and Sweetcrude Reports, where

he offers research-based insights and empirical views on Africa’s energy Sectors.

He has a Master’s degree in Business Administration (MBA) from the University of

Lagos, Nigeria and currently works as project manager/analyst at Ralmuof Konsult

Limited (RKL) in Lagos, Nigeria. In this role, he leads client engagements and project

execution in both the upstream and downstream sectors.

His short article “Nigeria’s marginal oil fields - open fields, closed gates” published

in 2014, received much acclaim as a good discuss on the thrust and solutions of mar-

ginal field acquisition & operation in Nigeria.

He gathers and structures data on issues around marginal and small fields in Nigeria

for productive analysis. Chijioke currently advises a number of potential investors on

the green and red elements of investing in Nigeria’s marginal fields and was a key-

note speaker in the maiden Africa Small and Marginal Oil Fields Investment Confer-

ence, London 2015.

Chijioke is competent in business reporting/development, investment advisory and

policy evaluation. Has published over 20 analytical writings in major dailies in Africa

& executed multiple energy projects in Nigeria. Including petroleum asset mainte-

nance, Enterprise Resource Planning (ERP) projects, bill payment systems for power

companies and vessel surveys

I N PA RT N E R S H I P W I T H E N E R G Y A N D C O R P O R AT E A F R I C A

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An Investor’s Guide to Marginal Oil Field Acquisition in ...energydatar.com/.../an-investor-039-s-guide-to-marginal-oil-fields... · An Investor’s Guide to Marginal Field Acquisition