FG earns N174bn from 2020 marginal oil field bid round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Thursday that it generated about N174bn from the 2020 marginal oil field bid round.

Speaking during a meeting with marginal field awardees and leaseholders in Abuja, the CEO of NUPRC, Gbenga Komolafe, said of the 161 entities that emerged as potential awardees, only 128 made signature bonus payments for fields under the 2020 bid round.

According to him, 33 awardees did not make payments during the specified period given to successful bidders to pay the required signature bonuses.

He said, “57 fields were identified for the 2020 bid round exercise and a total of 665 entities expressed interest. After extensive evaluation processes as laid down in the guidelines, 161 entities emerged as potential awardees.

“Signature bonuses for 119 awards were fully paid, nine awards were partly paid for and 33 awards were not paid for. This has resulted in various challenges inhibiting the close-out of the exercise.”

Read also: Rising oil prices could impact Nigeria’s revenue negatively – World Bank

He further explained that the marginal field guidelines provide for 45 days for the payment of signature bonus adding that the Commission had earlier issued a public notice to that effect as well as notified the relevant potential awardees.

“It is pertinent to inform you that concerted efforts are being made to ensure that the 2020 MFBR exercise is completed within the shortest possible time,” he said.

The government had stated that some firms emerged successful for the awards at a ceremony in Abuja in May last year and had called up some of them to receive their letters.

Among the firms that emerged as potential awardees include; Duchess Energy, Emadeb Energy Services Limited, Matrix Energy Limited, A.A Rano Nigeria Limited

Others are; Shafa Exploration and Production Company Limited, Kasiva Limited, DuPaul Mainstream Company Limited and Vhelbherg Exploration and Production Development Company Limited, among others.

Get real time updates directly on you device, subscribe now.