Nigerian govt extends deadline for marginal oilfield bid round

The Department of Petroleum Resources (DPR)  on Thursday extended the deadline to register to bid for Nigeria’s marginal oilfields by one week.

The DPR had on 1^st June unveiled the first licensing round for marginal oilfields in the country in nearly two decades

Marginal oilfields, which are smaller oil blocks developed by local oil and gas firms, had their  last licensing round in Nigeria in 2002.

Applicants were initially given a deadline of 14^th June to register, but now have until 21^st June to do so. The DPR did not give reasons for the extension according to a Reuters report.

The marginal oilfields are made up of 57 fields located on land, swamp and shallow offshore terrains.

Meanwhile, the Chief Executive Officer of the DPR, Engr. Sarki Auwalu said in a keynote address at a webinar entitled: “Nigeria Oil & Gas Sector: Surviving and Thriving Post COVID –19” on Thursday that the regulator had released strategic plan and policy for the survival of the industry.

Read also: NNPC to end oil sale discounts in July –Kyari

He identified four key strategies the country was deploying to address the economic challenges and threats posed by the coronavirus pandemic.

“There is no better time for strategic repositioning and business optimization. There are four ways this can be achieved. The first which is cost control and management has to do with realignment of cost of production per barrel as well as corporate, business and financial stewardship

“The second is portfolio rationalization and asset Optimization. For this, there would be project Screening and maturation; and Contract re –negotiation,” Auwalu said.

The third step according to him is new business and operational resilience (which comprises vertical integration model covering the refineries), operational excellence and compliance.

“The last in that stage is strategic partnership; contracting models; Service Provider Open Access; and shared Risks and returns,” he added.

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