5 Challenges Marginal Field Operators may Face
Indigenous oil firms were among oil companies awarded marginal oil field licence by the Department of Petroleum Resources, DPR, on Monday. The award came a year after 2020 marginal field bid round began with 591 companies applying to win 57 oil fields on offer. The oil fields are located onshore, swamps and offshore.
For the successful investors, kindly view our update; Marginal Fields; 10 Things to note in Asset Acquisition
Engr. Sarki explained that after undergoing lengthy and vigorous process, 161 companies were shortlisted as potential awardees out of which 50 percent have met all conditions. He noted that the department would not abandon the companies after the award but would work with them to ensure immediate development and attainment of first oil in record time.
DPR estimates that Nigeria would produce additional 100 million barrels of crude oil from the 57 fields, in the coming years. Speaking at the award ceremony in Abuja, DPR Director/CEO, Engr. Auwalu Sarki said the fields would boost Nigeria’s daily oil production capacity beyond the current three million barrels per day.
The entire Megathos Law Practice team is congratulating all the successful investors and wishing them good success.
To learn more, please download the update below:
Nigeria concludes Marginal Bid Round with award of certificates