Investments: Nigeria’s DPR to award 57 marginal fields to oil firms May 31

*The Department of Petroleum Resources says it will continue to provide transparent regulatory oversight for the oil and gas industry, to enable business and create opportunities for investors in the country

Isola Moses | ConsumerConnect

As a measure to deepen indigenous participation in the Nigerian oil and gas industry while adding to the country’s production and reserve, the Department of Petroleum Resources (DPR) will award 57 marginal oil fields to oil companies in the country Monday, May 31, 2021.

Paul Osu, Spokesman of the agency, who disclosed this in a statement Saturday, May 29 in Abuja, FCT, said arrangements had been concluded on the bid.

The regulatory agency noted that the award letters would be issued to successful investors Monday, in Abuja.

The Nigerian Government had last June started a bid round for the fields, which are mainly in the Niger Delta region of Nigeria.

The DPR explained the successful investors who will be receiving their award letters are companies that have fully satisfied all requirements listed in the marginal field bid round guidelines, including full payment of signature bonuses within the specified time frame.

The statement stressed that the exercise is expected to deepen indigenous participation in the oil and gas industry as well as add to the country’s production and reserve, according to the regulator.

The marginal field bid round programme is also geared to provide technical and financial partnerships for investors.

DPR will continue to provide transparent regulatory oversight for the oil and gas industry to enable business and create opportunities for investors, added the agency’s Spokesman.

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