The move has been so successful that it is now being followed by other key African oil producing countries such as Angola and Gabon.
Due to the capital-intensive nature of oil and gas operations, and current liquidity constraints due to the historic crash of oil prices and the Covid-19 pandemic, it is very likely that existing and future Nigerian operators of marginal fields will be on the look out for regional and international partners.
Applicants fill and submit the online registration form along with the required documents after paying the registration fee;Evaluation by the DRP of the submitted bids, which it forwards to the Honourable Minister of Petroleum Resources for approval; Granting of access to pry data and lease data to the applicants, who can purchase applicable reports after paying the necessary fees;Payment of signature bonus by the Preferred Bidder ;Negotiation and Execution of the Farm-out agreement between applicants and leaseholders.
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