21.1 C
Thursday, September 29, 2022

NUPRC set to close 2020 marginal oilfield bid round

Must read

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Tuesday that the 2020 marginal field bid round would be completed.

According to the NUPRC, the required machinery had been put in place to bring the bid round exercise to a conclusion 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 outstanding issues.

The difficulties, he noted, include distilling and addressing awardee complaints in order to close out matters affecting many awardees per asset, as well as awardees forming Special Purpose Vehicles in accordance with their specific letters of 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.

The commission was also working with leaseholders to agree on transition arrangements in line with the PIA and the government’s goals for the marginal field bid round, according to the CEO.

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

He did, however, promise those who had fully paid their signature bonuses that the commission would guarantee 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, issued 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 firms that won awards at the Abuja ceremony, it did call some of them to receive 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, swamp, 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.

3 people have seen this post.

- Advertisement -spot_img

More articles


Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article