Marginal Oilfield: Nigerian Upstream Regulator To Close 2020 Bid Session

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is ready to close out the 2020 marginal field bid session.

Chief Executive Officer of the Commission, Gbenga Komolafe, who disclosed this in a notice to partakers in the programme, said an in-house work team has been organised to take care of pending matters which include; addressing concerns regarding multiple awardees per asset and formation of Special Purpose Vehicles.

“The NUPRC has put in place all necessary machinery to progress the bid round exercise to conclusion in line with the Petroleum Industry Act 2021.” Komolafe said.

In a statement, the commission, asked the awardees to abide by the guidelines provided by the NUPRC in the interest of the nation, adding that the commission was working with lease holders to agree on transition terms in line with the PIA and government objectives for the marginal field bid round exercise.

According to the NUPRC CEO, although the 45 days period for payment of signature bonus by successful awardees as stipulated in the Marginal Field Guidelines had lapsed, the commission would ensure that all applicable guidelines were fully implemented to enable those who had fully paid their signature bonuses progress to the next stage of the exercise.

Recall that on May 31, 2021, the defunct Department of Petroleum Resources (DPR) issued letters of award to investors for the production of crude oil from 57 marginal fields.

The bid was carried out in two phases, which were expression of interest/pre-qualification phase, and technical and financial phase.

The investors are expected to explore a total of 57 marginal fields located on land, swamp and offshore terrains, which were put on offer by DPR in June 2020.

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