NUPRC to Close 2020 Marginal Field Bid Round Programme

The Nigerian Upstream Petroleum Regulatory Commission on Tuesday 28th December 2021 that it was set to close out the 2020 marginal field bid round programme.

Sources has revealed that NUPRC had put in place all necessary machinery to progress the bid round exercise to conclusion in line with the Petroleum Industry Act 2021.

Gbenga Komolafe, The Chief Executive Officer of the commission, stated in a notice to participants of the programme  how in-house work team had already been constituted to deal with outstanding issues.

He further disclosed these issues include distilling and addressing the concerns of awardees with a view to closing out matters affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees in line with the respective letters of award.

Komolafe in a statement issued by the commission, enjoined awardees with the indicated issues to avail themselves of the resolution mechanism provided by the NUPRC in the overriding national interest.

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

He, however, assured those who had fully paid their signature bonuses that the commission would ensure that all applicable guidelines to enable them progress to the next stage of the exercise were fully implemented.