Nigeria’s oil regulators to engage awardees as bid round closes

The Federal Government will in the coming week, end the 2020 marginal field programme (MFBR) after payment by some successful bidders.

At almost $90 a barrel, the country seeks a production volume of 100 million barrels from marginal fields licenses in a move that will see earnings peak at $9 billion if the oil rally is sustained and production commences.

A statement issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that all eligible awardees would be hosted in Abuja in the final segment of the programme.

“The objective of the engagement forum is to state the policy position of the commission for the marginal field bid round to enable progress of the exercise in line with the programme guidelines and in compliance with the Petroleum Industry Act (PIA) 2021.

“The forum will also appraise, distill and clarify issues associated with the MFBR and provide relevant updates on status to all stakeholders in line with transparency policy of government,” the Commission’s Chief Executive Gbenga Komolafe said.

He noted that all eligible awardees and relevant international oil companies (IOC) who are associated with the MFBR as farmors would be at the programme.
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