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DPR awards 57 marginal fields Monday

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The Department of Petroleum Resources (DPR) will, tomorrow, award 57 marginal oil fields to oil firms in the country.The Federal Government had in June last year started a bid round for the fields, which are mainly in the Niger Delta.

DPR said through its spokesman, Paul Osu, yesterday, that arrangements had been concluded on the bid, adding that letters would be issued to successful investors on Monday, May 31, in Abuja.

The successful investors, who will be receiving their award letters, according to the regulator, are companies that have fully satisfied all requirements in the marginal field bid round guidelines, including full payment of signature bonuses within the specified timeframe.

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The development is expected to deepen indigenous participation in the oil and gas industry, as well as add to the country’s production and reserve.

The marginal field bid round programme is also geared towards providing technical and financial partnerships for investors.

DPR will continue to provide transparent regulatory oversight for the oil and gas industry to enable business and create opportunities for investors, the agency’s spokesman, Paul Osu, stated.

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