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  • Oil & Gas - News
  • Updated: December 28, 2021

Commission Set To Close 2020 Marginal Field Bid

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Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said that it is set to close out the 2020 marginal field bid round programme in line with the Petroleum Industry Act 2021 (PIA).

The Commission Chief Executive, Gbenga Komolafe, in a statement on Tuesday noted that it has equally put in place all necessary machinery to progress the bid round exercise to a conclusion.

Komolafe, in a notice to participants of the programme, indicated that an in-house work team has already been constituted to deal with outstanding issues.

According to him,  the issues include distilling and addressing the concerns of awardees with a view to close out issues affecting multiple awardees per asset.

He said it also involved the formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of the award.

Consequently, he said the Commission had enjoined awardees with the indicated issues to avail themselves of the resolution mechanism provided in the overriding national interest.

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

Komolafe explained that the 45 days period for payment of signature bonus by successful awardees as stipulated by the Marginal Field Guidelines has lapsed.

He, however, assured those who have fully paid their signature bonuses that it would ensure that all guidelines were implemented.

“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,” Komolafe said.

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Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

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