Monday, January 25, 2021

Marginal fields: DPR preselects 161 companies for the final stage

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Petroleum Resources Department

By Udeme Akpan

The Department of Petroleum Resources, DPR, has shortlisted 161 successful companies for the final stage of the bidding round, which aims to sell Nigeria’s 57 marginal oil fields.

Mr. Paul Osu, Head of Public Affairs, DPR, revealed on Thursday in Lagos that the firms were selected from among more than 600 companies that applied for prequalification.

A marginal field is any field that has reserves recorded and reported annually to DPR and has been inactive for a period of more than 10 years.

He said: “The 2020 marginal oilfield bidding round process is still ongoing according to our schedules posted on the DPR website and bidding portal.

“The current status is that 161 successful companies have been shortlisted to advance to the next and final stage of the process.”

According to him, the bidding rounds began on June 1, adding that DPR had implemented measures to ensure that the winners were credible investors with technical and financial capacity.

He said the goal of the 2020 marginal field bidding round is to deepen the participation of indigenous companies in the upstream segment of the industry and provide opportunities for technical and financial partnerships for investors.

Osu said Nigeria last conducted bidding rounds for marginal fields in 2003, and that 16 of the fields now contribute two percent to national oil and gas reserves, while bringing development to their communities. Hosts in the Niger Delta.

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