In this newsletter, we consider the regulatory framework for the administration of marginal fields following the enactment of the Petroleum Industry Act, 2021 (PIA). Of particular relevance is the import of the new acreage management system, the transitional framework for producing marginal fields, non-producing marginal fields declared as such prior to 1 January 2021, and marginal fields which had not been ceded to the government by the OML holders as at the effective date of the PIA. Lastly, we consider whether Farmout Agreements are still relevant given the provisions of the PIA and how this impacts the next steps to be taken by the Nigerian Upstream Regulatory Commission and the awardees of the 2020 Marginal Field Bid Round.