The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is set to close the 2020 marginal field bid round.
Gbenga Komolafe, NUPRC’s Chief Executive Officer,, made this known in a press release on Tuesday.
Komolafe said that the commission has put in place all necessary machinery to progress the bid round exercise to conclusion in line with the Petroleum Industry Act 2021 (PIA).
In a notice to participants in the bid round, the NUPRC boss explained that an in-house work team has already been constituted to deal with outstanding issues, including distilling and addressing 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 award.
Consequently, he said the Commission has enjoined awardees with the indicated issues to avail themselves of the resolution mechanism provided, in the overriding national interest.
According to him, the Commission is 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 exercise.
Komolafe who reiterated that the 45 days period for payment of signature bonus by successful awardees as stipulated by the Marginal Field Guidelines has lapsed, promised those who had fully paid their signature bonuses that, the Commission will ensure that all applicable guidelines to enable them progress to the next stage of the exercise, are fully implemented.