Investors in Nigeria’s 57 marginal oilfields to receive letters Monday – DPR

The Department of Petroleum Resources (DPR) said on Sunday selected investors in the country’s 57 marginal oilfields would receive their letters on Monday.

The DPR Head of Public Affairs, Paul Osu, who disclosed this in a statement, said the letters are for the marginal fields bid round held last year.

He said the letters would be given to investors that fully satisfied all requirements listed in the guidelines.

According to the spokesman, the investors have made full payment of signature bonuses within the specified time frame.

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Nigeria is expected to generate $500 million from the signature bonuses on the oilfields.

The exercise was also the first time investors were allowed to pay oilfield acquisition costs in naira.

It has been 18 years since Nigeria’s first marginal field bid round was held.

The statement read: “The process, which culminated in the presentation of award letters, commenced in June 2020 with 57 marginal oilfields on offer for investors with the objective of deepening indigenous participation in the oil and gas industry as well as adding to the country’s production and reserve.”

By: Lekan Fakoyejo

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