Nigeria Begins Licensing Round for Marginal Oilfields

Nigeria Begins Licensing Round for Marginal Oilfields

Nigeria has launched its first bid round for marginal oilfields for the first time since 2002 despite some legal complications, Reuters has reported.

According to the Department of Petroleum Resources (DPR), payment by interested bidders shall attract non-refundable chargeable fees as follows, the application fee of $5,100 per field, a bid processing fee of $7,700 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.

The Nigerian government hopes that this licensing round will stimulate further oil production growth and also bring in much-needed revenues from the licensing fees.

“A total of 57 fields located on land, swamp and shallow offshore terrains are on offer,” the DPR said in a statement posted on Twitter

The Ororo field, OML 95, and the Dawes Island Marginal Oil Field, formerly called OML 54, were among 11 licences revoked by the DPR. The licensing round was announced despite judges in Lagos blocking Nigeria’s efforts to revoke the two existing oilfield licences.

Marginal fields are smaller oil blocks that are typically run by local companies.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password