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Nigeria revokes bids of 33 winners of marginal field round over payment default

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Nigeria has revoked the award of maginal oil field to 33 bidders that failed to make payment for their winning at the 2020 marginal Field bod Round, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.

It also said that a total of 128 awardees made complete and part payments for signature bonuses in the oil fields, while the 33 that failed to meet the deadline will lose their bids.

According to NUPRC, the 33 awardees who failed to meet the 45 days window lost their awards to suitably qualified reserve bidders.

The government further disclosed that it had so far earned about N174 billion from the marginal oil field bid round programme.

The Chief Executive Officer of NUPRC, Gbenga Komolafe, said efforts were being made to close the bid round and that the commission would support successful awardees who had paid the required signature bonuses.

“Fifty-seven fields were identified for the 2020 bid round exercise and a total of 665 entities expressed interest. After extensive evaluation processes as laid down in the guidelines, 161 entities emerged as potential awardees.

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“Signature bonuses for 119 awards were fully paid, nine awards were partly paid for and 33 awards were not paid for. This has resulted in various challenges inhibiting the close-out of the exercise.”

Komolafe added, “The marginal field guidelines provided for 45 days for the payment of signature bonus which has since elapsed, and we have issued a public notice to that effect as well as notified the relevant potential awardees.

“It is pertinent to inform you that concerted efforts are being made to ensure that the 2020 MFBR exercise is completed within the shortest possible time.”

On May 31, 2021, the defunct Department of Petroleum Resources issued letters of award to investors for the production of crude oil from 57 marginal fields.

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