FG set to auction 57 oil fields in June

Per Second NewsJune 3, 20201 Mins read1.3k

As indicated few months ago, the Federal Department of Petroleum Resources (DPR), has announced that 57 oil fields will be auctioned in June under the Marginal Fields bid round.

To this end, potential participants in the exercise are to submit their applications for the fields which are located on land, swamp and the shallow offshore.The exercise which will be conducted electronically involves five stages such as Expression of Interest/Registration, Prequalification, Technical and Commercial bid submission and Bid evaluation.

The Marginal Fields bid round is expected to take a maximum of six months after the official announcement of kick-off while bidding forms will be provided by the Department of Petroleum Resources (DPR).In the guidelines released by the department, applicants are required to show evidence of technical and managerial capability and must also demonstrate the ability to fully meet the objective of undertaking expeditious and efficient development of a Marginal Field.

The application process which is expected to give local players the best opportunity to participate in Nigeria’s energy sector shall attract some non-refundable chargeable fees.

DPR announced Application fee of N2 million per field, Bid Processing Fee of N3 million per field, Data prying fee of $15,000 per field, Data Leasing fee of $25,000 per field, Competent Persons Report of $50,000 and $25,000 for Fields Specific Report.

The agency said all application fees and processing fees are expected to be paid into the Treasury Single Account (TSA) while Signature Bonuses are expected to be paid into the Federation Account.In addition, fees for data leasing, data prying, Competent Persons Report (CPR) and Field Specific Report should be paid into the National Data Repository (NDR) account for repayment.