At last, Nigeria Concludes Marginal Field Bid Round

01 Jun At last, Nigeria Concludes Marginal Field Bid Round

The Department of Petroleum Resources (DPR) yesterday concluded the 2020 marginal oilfield bid round, the first successful bid since 2003.

The process, which culminated in the presentation of letters to the bid winners in Abuja by the industry regulator, started in June last year, with 57 marginal fields spanning land, swamp and offshore put up for lease by the federal government.

Marginal fields are smaller oil blocks typically developed by indigenous companies and have remained unproduced for a period of over 10 years.

All the beneficiaries of the exercise were indigenous entities. They include: Matrix Energy, AA Rano, Andova Plc, Duport Midstream, Genesis Technical, Twin Summit, Bono Energy, Deep Offshore Integrated, Oodua Oil, MRS and Petrogas.

Others are: North Oils and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil and Virgin Forest, among others.

At the presentation of letters to the winners, DPR Director, Mr. Sarki Auwalu, stated that a total of 591 firms submitted expression of interest forms, out of which 540 were pre-qualified, while 482 were bids submitted by 405 applicants.

He said: “In the end, 161 companies were shortlisted as potential awardees, out of which 50 per cent has met all conditions and therefore eligible for awards today. We are set to ensure opportunities are extended to other deserving applicants to fill the gap.

“The DPR is not just a regulator, we are an opportunity house. We drive creativity and transformation and we use these in all of our activities. This is done in the overriding national interest.”

According to him, the bid will enhance economic growth, increase Gross Domestic Product (GDP) and create employment, while with the experience garnered before now, mistakes of the past will be avoided.

He said that the desire of the government was for the awardees to hit “first oil” in record time, adding that a technical workshop will be organised with all bid winners for guidance on field development and operations.

He pledged to support the bid winners to operate within the country’s oil and gas space, urging them to take advantage of the oil and gas centre recently inaugurated by President Muhammadu Buhari.