The Department of Petroleum Resources (DPR) yesterday in Abuja officially awarded 57 oil fields to successful investors in the 2020 Marginal Field Bid Round programme, exactly one year after the journey began on June 1, 2020, with the launch of a processing portal.
57 oil fields located on land, swamp and off-shore terrains were put on offer.
Speaking at the award ceremony, the director/chief executive officer, DPR, Sarki Auwalu, said 161 companies were eventually shortlisted as potential awardees out of which 50 per cent that met all the conditions are eligible for the award.
Auwalu said DPR would not rest on its oars as the post-award phase begins, but would continue to support and guide the marginal field operators to achieve speedy development.
He said, “With the lessons learnt from previous exercise, DPR has developed a strategy to ensure that the awarded marginal field operators achieve early development. We will continue to follow-up and guide the awardees every step of the way.
“A guiding template of working agreement has been drafted for joint awardees and discussions have reached advanced stage on the farm-out agreement and the other technical enablers in a bid to facilitate the attainment of first oil in record time.”
He implored all the awardees to take advantage of the National Oil and Gas Excellence Centre (NOGEC) for the industry, recently commissioned by President Muhammadu Buhari.
One of the awardees, Olatimbo Ayinde of Dutches Energy Ltd. said they were very excited about the opportunities given them even as they look forward to working with the government towards achieving the feat.