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NIGERIA: NUPRC Moves to Close 2020 Marginal Oilfield Bid

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to close out the 2020 marginal field bid round programme in line with the Petroleum Industry Act 2021 (PIA).

This follows the successful completion of the marginal oilfield bid earlier in the year and the issuance of award letters to successful investors.

This was made known in a statement issued by the Chief Executive Officer of NUPRC, Mr Gbenga Komolafe, on Tuesday, where he noted that it has equally put in place all necessary machinery to progress the bid round exercise to a conclusion.

Komolafe revealed to the participants of the programme that the commission has already set up an in-house work team to deal with outstanding issues which includes distilling and addressing the concerns of awardees with a view to close out issues affecting multiple awardees per asset.

According to NAN, the NUPRC boss said these issues also involved formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of 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, who explained that the 45 days period for payment of signature bonus by successful awardees as stipulated by the Marginal Field Guidelines has lapsed, however, assured those who have fully paid their signature bonuses that it would ensure that all guidelines were implemented.

Source: Nairametrics

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