Friday, March 31, 2023
Home Upstream Marginal fields: Nigeria pockets trillions

Marginal fields: Nigeria pockets trillions

.As FG hands over licenses to winners

The Federal Government of Nigeria on Tuesday, presented Petroleum Prospecting Licences (PPL) to 48 successful bidders of the Marginal Fields (MFs) in the 2020 bid round, Nigeria’s first successful Marginal Fields award in almost two decades with 161 winning bids in all, according to regulator.

‘’This will mark the conclusion of some of the most urgent and critical tasks inherited by the Commission when it was inaugurated in October 2021, after the signing into law of the PIA 2021,’’ the Commission Chief Executive, Engr. Gbenga Komolafe said before today’s event.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made the presentation in fulfilment of the promise it made earlier in the year, and in pursuant to the provisions of the Petroleum Industry Act (PIA) 2021.

The Commission had in March this year informed all the participants in the 2020 MF bid round programme that it has put all necessary machinery in place to progress the bid round exercise to conclusion in line with the PIA 2021.

Nigeria last hosted a bid round in 2001-2003 under the Olusegun Obasanjo administration, through the now defunct Department of Petroleum Resources (DPR). A 2013 attempt under Goodluck Jonathan administration was not concluded and considered failed.

MFs are a portion of a discovered and licensed field that has been unattended to for a period not less than 10 years from date of first discovery. The field is then carved out from larger licensed area (OML), for allocation as MF to a successful bidder.

Nigeria earned about N2 trillion from the latest round (2020/2021), as each of the awardees paid a total of N48 billion for fees and bonuses to earn the licence. The N48 billion paid includes N500,000 for registration fee, N2 million application per field, N3 million for bid processing fee, data prying fee of $15, 000 per field, $25,000 was paid as data leasing fee among other fees.


Oil discoveries: NNPC wants collaboration among African nations

Kyari said need for partnership is more reinforced as more African countries continue to make hydrocarbon discoveries. 

NUPRC offers seven offshore oil blocks for sale

According to a statement by NUPRC’s Chief Executive, Engr. Gbenga Komolafe, the Mini Bid Round is an opportunity to spur new exploration and drilling activities in the prospective deep waters offshore Nigeria.

Bayelsa youths shut down Conoil’s 30,000 bbl oil facility

The facility known as Ango 2 field, operated by Conoil since 2013, has a crude production capacity of over 30,000 barrels per day.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Nigeria’s Minister of State for Petroleum resigns

Sylva’s resignation comes at a time of political transition in Nigeria, with President Muhammadu Buhari serving his final weeks in office before giving way to President-elect Bola Tinubu on May 29.


Our attention has been drawn to a sponsored sensational report by some online publications on a charge brought against the Bank. 

Egbin Power boosts nation’s supply, restores sixth unit

It said: “We are pleased to announce the successful restoration of ST-6 after extensive repairs, including replacement of HIP & LP steam turbine blades and Generator overhauling, in addition to the in-house inspections for Boiler and Balance of Plant.

Transcorp Plc delivers strong performance as revenue rises by 21%

The conglomerate saw a 7% increase in its Power investments, despite the challenges faced in the year from the issues with gas supply, off the diminished Oil & Gas production in the country in 2022. 

Recent Comments