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.