Finally, the Department of Petroleum Resources, DPR on Monday began marginal fields bid rounds for 2020 after 18- year hiatus, as Nigeria reopens her economy after the COVID19 lockdown.
The first bid rounds were held in 2002.
For the 2020 oil bid round exercise, DPR announced that a total of 57 fields located on land, swamp and shallow offshore terrains are on offer.
It added that the exercise which will be conducted electronically, will include expression of interest/registration, pre-qualification, technical and commercial bid submission and bid evaluation.
DPR says payment by interested bidders will attract non-refundable chargeable fees as follows: Application fee of N2 million per field, Bid Processing Fee of N3million per field, Data prying fee of $15,000 per field, Data Leasing fee of $25,000 per field, Competent Persons Report of $50,000 and $25,000 for Fields Specific Report.
With the above, interested bidders are expected to pay a total of $115,000 in statutory fees and another N5 million in local currency.
At the official exchange rate of $360/$1, the 57 oil fields on offer gives N2,364,800,000 including the N5 million payment.
The agency added that all application fees and processing fees are expected to be paid into the Treasury Single Account, TSA while Signature Bonuses are expected to be paid into the Federation Account.
Also, fees for data leasing, data prying, Competent Persons Report, CPR and Field Specific Report should be paid into the National Data Repository, NDR account for repayment. According to the approved guidelines, applicants must show evidence of technical and managerial capability and must also demonstrate the ability to fully meet the objective of undertaking expeditious and efficient development of a Marginal Field