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

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

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register