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NUPRC to close 2020 marginal field bid round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said it is set to conclude the 2020 marginal field bid round in line with the Petroleum Industry Act 2021 (PIA).

The Commission Chief Executive, Gbenga Komolafe, in a statement yesterday, notified participants in the round, said an in-house work team has already been constituted to deal with all outstanding issues.

Such issues include distilling and addressing the concerns of awardees regarding assets and formation of Special Purpose Vehicles (SPVs) in line with the respective letters of award.

Consequently, the NUPRC has enjoined awardees with related issues to avail themselves of the resolution mechanism provided, in the overriding national interest.

Komolafe also said the Commission is collaborating with leaseholders to agree on transition mechanisms in line with the PIA and the aspirations of the government for the marginal field bid round exercise.

While noting that the 45 days period for payment of signature bonuses by successful awardees as stipulated in the Marginal Field Guidelines had lapsed, he assured those who had fully paid that as regulator and business enabler, the Commission will ensure that all applicable guidelines are fully implemented to enable them progress to the next stage of the exercise.

An in-house work team has already been constituted to deal with all outstanding issues relating to distilling and addressing the concerns of awardees regarding assets and formation of Special Purpose Vehicles (SPVs) in line with the respective letters of award.

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