Sunday, October 1, 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.


Belemaoil begins construction of alternate export Terminal in Kula 

According to the indigenous oil company, the project which will be located at Robertkiri, one of the production fields of OML-55 in Kula, Akukutoru Local Government Area of Rivers State, is expected to make a significant contribution to the Nigerian economy.

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.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Emefiele meets Tinubu at Aso Rock

Wale Edun, former Lagos Finance Commissioner; and James Faleke, a House of Reps member, were also at the villa.

Oil marketers endorse fuel subsidy removal, pledge minimal adjustments 

We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.

Firm unveils 20KG composite cooking gas cylinders to Nigerian Market

According to him, the 20kg LPG cylinder goes for N75,000 due to increase in foreign exchange and is also more competitive.

Allegation of illegal sale of 48m barrels of crude false, Malami insists

Recall that the minister took the same position when he first appeared before the panel on April 27, 2023 to give testimony.

Recent Comments