Saturday, July 4, 2020

FG Bars Debtors From Bidding For Oil Fields

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Companies, including their promoters, indebted to the Federal Government will not be allowed to participate in the newly launched bid round for marginal oilfields, the Department of Petroleum Resources has said.

The DPR, in a document said applicants should demonstrate the ability to fully meet the objective of undertaking expeditious and efficient development of a marginal field.

A marginal field is any field that has been discovered and has been left unattended for a period of not less than 10 years, from the date of first discovery or such field as the President may, from time to time, identify as a marginal field, according to the DPR.

The DPR had announced on Monday the start of the 2020 Marginal Field Bid Round for indigenous companies and investors interested in participating in the exploration and production business in the country.

The Federal Government might generate N3.17bn from the payment of fees for the 57 marginal fields on offer.

The DPR said consideration would be given for host community/state participation, as well as a commitment to social project and/or proposal aimed at the socioeconomic development of the populace in the host community/state.