The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is set to close out the 2020 marginal field bid round programme and has put in place all necessary machinery to progress the bid round to conclusion in line with the Petroleum Industry Act 2021 (PIA).
The Commission’s Chief Executive Officer, Mr Gbenga Komolafe, in a notice to participants in the programme indicated that an in-house work team had already been constituted to deal with outstanding issues, including distilling and addressing the concerns of awardees with a view to closing out issues affecting multiple awardees per asset and formation of Special Purpose Vehicles (SPV) by awardees in line with the respective letters of award.
Consequently, the Commission has enjoined awardees with the indicated issues to avail themselves of the resolution mechanism provided, in the overriding national interest.
Mr Komolafe also stated that the Commission was collaborating with lease holders to agree on transition mechanisms in line with the PIA and the aspirations of government for the marginal field bid round.
While restating that the 45 days period for payment of signature bonus by successful awardees as stipulated by the Marginal Field Guidelines has lapsed, he assured those who have fully paid their signature bonuses that as regulator and business enabler, the Commission would ensure that all applicable guidelines to enable them progress to the next stage of the exercise, were fully implemented.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
