FG Set To Close 2020 Marginal Oilfield Bid Round

The Nigerian Upstream Petroleum Regulatory Commission announced on Tuesday that the 2020 marginal field bid round will be completed.

According to the NUPRC, the required equipment has been put in place to bring the bid round exercise to completion in accordance with the Petroleum Industry Act 2021.

In a notification to program participants on Tuesday, the commission’s Chief Executive Officer, Gbenga Komolafe, stated that an in-house work team had already been formed to deal with remaining concerns.

The difficulties, he noted, include distilling and resolving awardee complaints in order to close off situations impacting many awardees per asset, as well as awardees forming Special Purpose Vehicles in accordance with their specific letters of the award.

In a statement released by the commission, Komolafe urged awardees with the aforementioned difficulties to use the NUPRC’s dispute resolution system in the national interest.

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He also noted that the commission was working with leaseholders to come up with transition arrangements that would be consistent with the PIA and the government’s goals for the marginal field bid round.

He added the Marginal Field Guidelines’ 45-day deadline for successful grantees to pay their signature bonus had passed.

He did, however, tell individuals who had completely paid their signature bonuses that the commission would make certain that all required standards were followed in order for them to go to the next stage of the exercise.

The Department of Petroleum Resources, which is now defunct, granted letters of award to investors on May 31, 2021, for the production of crude oil from 57 marginal fields.

Despite the DPR’s silence on the actual number of businesses that won prizes during the Abuja ceremony, it did call some of them to get their letters.

A.A Rano Nigeria Limited, Duchess Energy, and Emadeb Energy Services Limited are among the companies involved.

Matrix Energy Limited, Shafa Exploration and Production Company Limited, Kasiva Limited, DuPaul Mainstream Company Limited, and Vhelbherg Exploration and Production Development Company Limited are among the other companies involved.

The companies will investigate a total of 57 marginal fields on land, marsh, and offshore terrains that DPR made available in June 2020.

Expression of interest/pre-qualification phase and technical and financial phase were the two phases of the exercise.

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