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Home Business News

What you need to know about the upcoming marginal fields bids by the federal government

Nairametrics by Nairametrics
October 6, 2017
in Business News
Nigeria wants international oil companies to pay up now 
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As the Nigerian government considers holding a bid round for marginal fields, we thought to highlight 10 things to expect when the bid guidelines are released by the Department of Petroleum Resources.

  1. The fields on offer would be publicly announced.
  2. Applicable fees may include (i) Application Fee, (ii) Bid Processing Fee, (iii) Competent Person’s Report Fee (iv) Data Prying Fee (v) Data Leasing Fee.
  3. Criteria for evaluation may include: financial capacity, technical capacity, host community commitment, E&P background of promoters amongst others.
  4.     The fields, which an applicant can bid for would be restricted to a certain number.
  5. The bid and award process should be not more than 6 months.
  6. Increased transparency through public opening, verification, evaluation and announcement of commercial bids.
  7. Signature Bonus should be a significant commercial bidding criterion.
  8. The duration of the marginal field license would be 5 years with the possibility of a renewal of 10 years subject to fulfillment of work programme.
  9. Non-payment of Signature Bonus within the prescribed time frame may lead to revocation of award.
  10. Encouragement of common usage of facilities.

This article was gotten from AO2 Law click here

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