DPR: Successful marginal field bidders to receive award letters, Monday

Chinazor Megbolu

The successful investors in the 2020 marginal field bid round project will receive award letters from the Department of Petroleum Resources (DPR) on Monday, May 31, 2021.

The organisation Saturday in a statement issued by the Head, Public Affairs, DPR, Mr. Paul Osu, noted that it has concluded arrangements towards issuing the award letters.

The oil and gas regulator added the issuance of the letters would be done at an award ceremony slated to hold in Abuja on May 31, 2021.

The document showed the marginal field is any field that has reserves booked and reported annually to the DPR and has remained unproduced for a period of over 10 years.

It also posited that the successful investors who would be receiving their award letters were firms that had fully satisfied all requirements listed in the marginal field bid round guidelines.

The requirements, the statement maintained, is the full payment of signature bonuses within the specified time frame.

The agency, however, pointed out that the DPR would continue to provide transparent regulatory oversight for the oil and gas industry in order to boost businesses and create opportunities for investors.

The organisation averred the objective was to deepen local content 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 to provide technical and financial partnerships for investors,” the statement said.