Nigeria to Obtain $500 MM Signature Bonuses from Marginal Oil Fields

Monday, 8th February 2021
by Fatma Ahmed

KUWAIT – JANUARY 15: A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait. Kuwait produces 10% of the worlds oil and has promised to increase production as needed in the event of a war in Iraq. (Photo by Joe Raedle/Getty Images)

The Nigerian Head of the Department of Petroleum Resources (DPR), Sarki Auwalu, said that he expected that Nigeria to obtain $500 million from the signature bonus of marginal oil fields, Reuters reported.

Auwalu added that his country is aiming to award marginal oilfield licenses at the end of March and will allow companies to pay signature bonuses in naira. He elaborated that the number of bidders declined to 161 and the DPR is targeting to finalize this process by the end of Q1 2021.

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Fatma Ahmed 2002 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.