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Business News of Wednesday, 29 December 2021

Source: sunnewsonline.com

Commission set to close 2020 marginal field bid

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Nigerian Upstream Petroleum Regulatory Commission (NUPRC)

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is set to close out the 2020 marginal field bid round programme in line with the Petroleum Industry Act 2021 (PIA).

Its Chief Executive, Mr Gbenga Komolafe, in a statement on Tuesday, December 28, noted that it has equally put in place all necessary machinery to put the bid round exercise to a conclusion. Komolafe, in a notice to participants of the programme, indicated that an in-house work team has already been constituted to deal with outstanding issues.

According to him, the issues include distilling and addressing the concerns of awardees with a view to close out issues affecting multiple awardees per asset.

He said it also involved formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of award.

Consequently, he said the Commission had enjoined awardees with the indicated issues to avail themselves of the resolution mechanism provided in the overriding national interest.

He also stated that the Commission was collaborating with lease holders to agree on transition mechanisms in line with the PIA and the aspirations of government for the marginal field bid round exercise.

Komolafe explained that the 45 days period for payment of signature bonus by successful awardees as stipulated by the Marginal Field Guidelines has lapsed.

He, however, assured those who have fully paid their signature bonuses that it would ensure that all guidelines were implemented.

“As regulator and business enabler, the Commission will ensure that all applicable guidelines to enable them progress to the next stage of the exercise, are fully implemented,” Komolafe said.