NUPRC: We'll issue marginal oil field licences to winners Tuesday | TheCable

26/06/2022 7:38:00 PM

NUPRC: We'll issue marginal oil field licences to winners Tuesday | TheCable

NUPRC: We'll issue marginal oil field licences to winners Tuesday | TheCable

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will issue petroleum prospecting licences (PPL) to successful awardees of marginal fields in the 2020 bid round. Marginal fields are smaller

NUPRC: We’ll issue marginal oil field licences to winners Tuesday Author: Bunmi Aduloju June 26, 2022 5:21 PM The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it will issue petroleum prospecting licences (PPL) to successful awardees of marginal fields in the 2020 bid round.600 firms applied for 57 marginal oil fields – FG Komolafe said implementing the development trust would guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable improvement of the country’s hydrocarbon resources.issue Petroleum Prospecting Licences (PPL) to successful awardees of Marginal Fields in the 2020 Bid Round, pursuant to the provisions of the Petroleum Industry Act (PIA), 2021.*Pledges to meet OPEC’s production quota by August Emmanuel Addeh in Abuja After a long wait, the federal government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), yesterday said that it was set to issue Petroleum Prospecting Licences (PPL) to successful awardees of marginal fields in the 2020 bid round.

Marginal fields are smaller oil blocks developed by indigenous companies not exploited in the last ten years.NUPRC had said it was targeting June for marginal field awardees to begin the field development plan (FDP).The commission had in March this year informed all participants in the 2020 marginal field bid round programme that it had put all necessary machinery in place to progress the bid round exercise to conclusion in line with the PIA 2021.In a statement over the weekend, Gbenga Komolafe, chief executive officer (CEO), NUPRC, announced that the event marking the issuance would be held on Tuesday in Abuja.“These will mark the conclusion of some of the most urgent and critical tasks inherited by the Commission when it was inaugurated in October 2021, after the signing into law of the PIA 2021,” he said.Advertisement completed the first successful bid programme after 18 years.“Awardees were therefore enjoined to avail themselves of the resolution mechanism provided by the commission in the overriding national interest,” Komolafe stated.Over 600 companies had applied to be pre-qualified for the bid rounds of 57 marginal fields, which began on June 1, 2020.On May 30, 2021, the then Department of Petroleum Resources (DPR) announced the conclusion of the exercise, the first since 2003, with the presentation of letters to the bid winners in Abuja by the industry regulator.

Komolafe said the event would also witness the unveiling of the implementation template for the Host Communities Development Trust Fund for the commencement of the provisions under section 235 of the Petroleum Industry Act (PIA).” Tags: marginal oil fields Kindly share this story: All rights reserved.RELATED.Advertisement He said this would help quell restiveness in the host communities.The NUPRC CEO emphasised that it would provide an enabling environment for sustainable development of the country’s hydrocarbon resources.Contact: join the conversation FOREX, BITCOIN AND BINARY TRADING: We help you professionally trade your forex, bitcoin and binary accounts for minimum 20% weekly profit.“These will mark the conclusion of some of the most urgent and critical tasks inherited by the commission when it was inaugurated in October 2021, after the signing into law of the PIA 2021,” he said.He said the commission had informed all participants in the 2020 marginal field bid round programme about its conclusion in line with the PIA 2021.944 billion, with owners of 30 fields having partially paid and two fields stalled by court cases.

“In furtherance of that resolution, the commission constituted an in-house work team to distil and address the concerns of awardees with a view to close-out issues affecting multiple awardees per asset and formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of the award,” he said.“Awardees were, therefore, enjoined to avail themselves of the resolution mechanism provided by the commission in the overriding national interest.” The NUPRC boss said the successful coordination and resolution of the issues resulted in the emergence of the successful awardees that would be handed licences this week.Advertisement.

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57 successful investors get marginal oil field licences Tuesday –FGThe Federal Government on Saturday announced that the successful investors in Nigeria’s 57 marginal oil fields of the 2022 bid round would get their various Petroleum Prospecting Licences on Tuesday. Nice 1 beautiful The dregs reserveed for their Southern favored boys and girls, to play politics of a balanced distributions, for political correctness. The

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FG Set to Issue Prospecting Licences to Winners of Marginal Oilfields – THISDAYLIVE

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