• Monday, June 24, 2024
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Upstream commission to close out 2020 marginal field bid round

Upstream commission to close out 2020 marginal field bid round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is set to close out the 2020 marginal field bid round programme and has put in place necessary machinery to progress the bid round exercise to conclusion in line with the Petroleum Industry Act 2021 (PIA).

Gbenga Komolafe, the commission’s chief executive, in a notice to participants in the programme on Tuesday, indicated that an in-house work team has already been constituted to deal with outstanding issues, including distilling and addressing the concerns of awardees with a view to closing out issues affecting multiple awardees per asset and formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of award.

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Consequently, the commission has urged awardees with the indicated issues to avail themselves of the resolution mechanism provided, in the overriding national interest.

Komolafe also said that the commission was collaborating with leaseholders to agree on transition mechanisms in line with the PIA and the aspirations of the government for the marginal field bid round exercise.

While restating that the 45 days period for payment of signature bonus by successful awardees as stipulated in the Marginal Field Guidelines has lapsed, he assured those who have fully paid their signature bonuses that as regulator and business enabler, the commission will ensure that all applicable guidelines to enable them progress to the next stage of the exercise, are fully implemented.