Punch Newspapers
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’Femi Asu
Successful bidders in the ongoing marginal fields bid round will be allowed for the first time in the nation to pay the acquisition cost of the assets in naira, the Department of Petroleum Resources has said.
The Director/Chief Executive Officer, DPR, Mr Sarki Auwalu, who disclosed this on Friday, said the bid round would be concluded before the end of the first quarter of this year.
The Federal Government, through the DPR, had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round for indigenous companies and investors interested in participating in the exploration and production business in Nigeria.
Punch Newspapers
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’Femi Asu
The Federal Government is estimated to generate a total revenue of N7.9bn from the 161 companies shortlisted to advance to the final stage of the marginal fields bid round launched seven months ago.
The Department of Petroleum Resources had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round, which ‘is open to indigenous companies and investors interested in participating in the exploration and production business in Nigeria’.
The DPR said then that 57 marginal fields were available, with data from the agency showing that applicants would pay fees totalling N49.09m per field (comprising N5.5m and $115,000).
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Review of the 2020 Marginal Field Bid Round in Nigeria - Megathos Law Practice
Review of the 2020 Marginal Field Bid Round in Nigeria
The 2020 Marginal Field Bid Round has commenced in Nigeria!
18 years after the last Marginal Field Bid Round in Nigeria, the Department of Petroleum Resources (DPR) on behalf of the Federal Government of Nigeria has announced the commencement of the 2020 Marginal Field Bid Round exercise (The Bid Round).
The Bid Round is a golden opportunity for discerning investors, who have been waiting since the last bid round, to gain entry into Nigeria s value laden oil and gas industry rife with over $48 Billion worth of opportunity.