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57 successful investors get marginal oil field licences Tuesday –FG

The Federal Government on Saturday reported that the effective financial backers in Nigeria’s 57 peripheral oil fields of the 2022 bid round would get their different Petroleum Prospecting Licenses on Tuesday.

On May 31, 2021, the outdated Department of Petroleum Resources gave letters of grant to financial backers for the creation of unrefined petroleum from 57 peripheral fields.

In January this year, the Nigerian Upstream Petroleum Regulatory Commission reported that a sum of 128 awardees arose as effective bidders in the bid round and had made total and part installments for signature rewards in the oil fields.

It additionally unveiled at the time that 33 awardees didn’t make installments during the 45 days window given to effective bidders to pay the expected mark rewards for the oil fields and as such had lost their honors to reasonably qualified hold bidders.

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Giving updates on the bid round in Abuja on Saturday, the Chief Executive, NUPRC, Gbenga Komolafe, reported that the fruitful awardees would get their licenses by Tuesday.

He said, “In satisfaction of the commitment made early this year, the NUPRC will on Tuesday in Abuja, issue Petroleum Prospecting Licenses to fruitful awardees of peripheral fields in the 2020 bid round, as per the arrangements of the Petroleum Industry Act 2021.

“It will likewise disclose the execution layout for the host networks improvement trust for beginning of the arrangements under Section 235 of the PIA, 2021, to affect against fretfulness in the host networks emphatically.”

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Komolafe said carrying out the advancement trust would ensure consistent activities, support financial backers’ certainty and give empowering climate to feasible improvement of the country’s hydrocarbon assets.

“These will check the finish of the absolute most dire and basic undertakings acquired by the commission when it was introduced in October 2021, after the marking into law of the PIA 2021,” he expressed.

The commission had in March this year informed all members in the 2020 minor field bid round program that it had set up all vital apparatus to advance the bid round exercise to end in accordance with the PIA 2021.

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In facilitation of that goal, the commission comprised an in-house work group to distil and address the worries of awardees so as to finish off issues influencing various awardees per resource and arrangement of Special Purpose Vehicles by awardees in accordance with the particular letters of grant.

“Awardees were consequently ordered to profit themselves of the goal component given by the commission in the superseding public interest,” Komolafe expressed.

He added, “The effective coordination and goal of the issues finished in the development of the fruitful awardees that would be given over licenses on Tuesday.”

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