Home Oil and Gas NUPRC Expects Marginal Field Awardees To Begin Drilling For Oil By June

NUPRC Expects Marginal Field Awardees To Begin Drilling For Oil By June

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NUPRC Expects Marginal Field Awardees To Begin Drilling For Oil By June

NUPRC Expects Marginal Field Awardees To Begin Drilling For Oil By June.

Engr. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the commission expects marginal field grantees to begin field development plans in June (FDP).

The plan encompasses all actions and processes necessary to develop a field to its full potential.

On the ARISE News Channel’s ‘The Morning Show’ on Monday, Komolafe stated that over 600 businesses had sought to be pre-qualified for the bid rounds of 57 marginal fields, which began on June 1, 2020.

READ ALSO: Tonlagha Confirmed Amongst Others By Senate For Nigerian Upstream Petroleum Regulatory Commission

The dissolved Department of Petroleum Resources (DPR) concluded the first successful bid program in May 2021.

The procedure, which began in 2020, has been stymied by regulatory hurdles, meaning that real oil drilling has yet to begin more than a year after the recipients were formally handed award certificates.

Speaking on the matter of the 2020 marginal fields award, Komolafe stated that, despite the commission being in a tough situation, all concerns will be resolved by the first half of this year.

According to Komolafe, there has been more than 80% payment compliance.

NUPRC announced almost two months ago that it will invite eligible reserve bidders for the 2020 marginal field bid round program.

The commission said that 33 businesses failed to pay the requisite signing incentives for the 2020 marginal field bid round within the 45-day deadline.

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