marginal field bid round nigeria 2020
1 The President of the Federal Republic of Nigeria. Biodun Otunola, Director of OilBank, commented: "We have great confidence in ADM as our exclusive technical partner for this marginal field round, the first to be launched in Nigeria in nearly twenty years. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. Nigeria's Department of Petroleum Resources has announced the launch of its 2020 Marginal Field Bid Round. Advertisement. The parties shall endeavour to reach an agreement within 90 days. Over 50 marginal fields, spread across onshore, swamp and shallow-water, are expected in the 2020 bid round. Over 50 marginal fields, spread across onshore, swamp and shallow-water, are expected in the 2020 bid round. “The bid round is not a field block round. In the event that OilBank's application for a Marginal Field Licence is successful and it is awarded a Licence, the Company intends to enter into a substantive agreement with OilBank under which ADM expects to participate and invest in the development of any awarded fields. The 2020 Marginal Field Bid Round has commenced in Nigeria!18 years after the last Marginal Field Bid Round in Nigeria, the Department of Petroleum Resources (DPR) on behalf of the Federal Government of Nigeria has announced the commencement of the 2020 Marginal Field Bid Round exercise (The Bid Round).The Bid Round is a golden opportunity for discerning investors, who have … Lagos — After 18 years, the Department of Petroleum Resources, DPR on Monday flagged off marginal fields bid rounds for 2020 as Nigeria reopens her economy after the COVID19 lockdown. Besides being utilized as fuel, various forms of plastics, material polymers, electrical insulators are derived from crude oil and natural gas. A total of 57 oilfields, located onshore and in shallow offshore areas are on offer to "indigenous companies and investors interested in participating in Exploration and Production (E&P) business in Nigeria." 2020 Nigeria Marginal Field Bid Round Asset Selection Criteria. Marginal field bid round 2020: Ijaw to seek redress. This document also provides clarifications, explanations and directives on the implementation of the Guidelines. All rights are reserved. Nigeria held a marginal field bid round in 2003. The 2020 Marginal Field Bid Round has commenced in Nigeria! The bid round is open to indigenous companies and investors interested in Exploration & Production business in Nigeria. by Bassey Udo. Sylva. On 1 June 2020, the Nigerian Department of Petroleum Resources ("DPR") announced the launch of a new bid round for a total of 57 marginal fields … The non-passage of the PIB has insignificant impact and would not affect the outcome of the bid rounds. Monday, ... Nigeria has officially launched a marginal field bid round, with the Department of Petroleum Resources (DPR) saying 57 fields are available. Nigeria Opens the 2020 Marginal Field Bid Round. DPR defines a marginal field as a discovered resource that has been left unattended for more than 10 years. Only Nigerian firms to bid for 57 marginal oil fields — DPR . The last successful marginal fields bid round was in 2003 with some of them already on production and transformed into major Independent oil and gas companies. The signature bonus for each field will vary as wide as the economics of extraction. Nigeria has been planning for a marginal field round of bidding … DPR defines a marginal field as a discovered resource that has been left unattended for more than 10 years. Pre-qualification in Nigeria's 2020 Marginal Field Bid Round, ADM pre-qualifies in bidding for Nigerian marginal oil fields as exclusive technical partner to OilBank. Following the failure of the Federal Government to respond to its demand to put the 2020 marginal field bid round on hold pending the determination of some … THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. Marginal fields in Nigeria are located onshore and in the shallow waters. Nevertheless, where the bid round is successful, it may ensure much needed revenue for the Federal Government, and an increase in proven national reserves. For the past two months, Nigeria has experienced ", Biodun Otunola, Director of OilBank, commented: "We have great confidence in ADM as our exclusive technical partner for this marginal field round, the first to be launched in Nigeria in nearly twenty years. The 2020 Marginal Field Bid Round has commenced in Nigeria!18 years after the last Marginal Field Bid Round in Nigeria, the Department of Petroleum Resources (DPR) on behalf of the Federal Government of Nigeria has announced the commencement of the 2020 Marginal Field Bid Round exercise (The Bid Round).The Bid Round is a golden opportunity for discerning investors, who have "The MOU with OilBank gives us a high-quality local partner to work alongside our team of expert technical advisers. Nigeria’s government, through the Department of Petroleum Resources (DPR), recently launched its first marginal field bid round in almost 20 years. 2 Paragraph 4, Guidelines for the Award and Operations of Marginal Field in Nigeria, DPR Guide 0041 – 2020 (the "Guidelines"). The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority. ADM is participating in the Bid Round after signing a Memorandum of Understanding with OilBank as its exclusive technical partner to support its bidding for and any future development of the marginal fields. The 2020 Marginal Field Bid Round (Bid Round) is making progress in Nigeria! © 2021 WebFG and Media Limited or its affiliated companies. ... Next Post DEPOTS STOCK LEVEL FOR PMS AS AT 28th May 2020 AT DEPOTS; Recent Posts. After a three and a half month-long exercise, Nigeria’s Department of Petroleum Resources (DPR) has concluded this year 2020 Marginal Fields bid round, and is currently awaiting the consent of President Muhammadu Buhari who doubles as the minister of petroleum. ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce that it has successfully pre-qualified in the Nigerian Government's 2020 Marginal Field Bid Round ("Bid Round"). Victoria Island, Lagos – The Department of Petroleum Resources (DPR), on behalf of the Federal Government of Nigeria, has formerly announced the commencement of 2020 Marginal Field Bid Round exercise. Nigeria's marginal fields licensing rounds have been the cornerstone of Nigeria's upstream local content development strategy since the early 2000s JOHANNESBURG, South Africa, June 10, 2020/ -- Following its marginal fields licensing rounds in 2001 and 2013, the Nigerian Department of Petroleum Resources (DPR) recently released guidelines on the 2020 licensing round. Why Nigeria didn’t benefit from 2003 marginal field bid rounds- DPR “What we have seen is that indigenous marginal field operators do not take community relationships seriously, and so they end up facing apathy from the host communities,” he said. 18 years after the last Marginal Field Bid Round in Nigeria, the Department of Petroleum Resources (DPR) on behalf of the Federal Government of Nigeria announced the commencement of the 2020 Marginal Field Bid Round exercise (The Bid Round). Guide to Nigeria’s 2020 Marginal Fields Bid Round. Please download @megathoslaw update “Review of the 2020 Marginal Field Bid Round” for insight on how to play in the 2020 Marginal Field Bid Round. The Bid Round, which is the first in Nigeria since 2003, is open to indigenous companies as well as companies such as ADM alongside local partners. “The marginal bids would be competitive. ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure, route to early cash flow and exploration upside. Footnotes. Overview regarding the 2020 Nigerian Marginal Fields Bidding Round. The 2020 Marginal Field Bid Round has commenced in Nigeria!18 years after the last Marginal Field Bid Round in Nigeria, the Department of Petroleum Resources (DPR) on behalf of the Federal Government of Nigeria has announced the commencement of the 2020 Marginal Field Bid Round exercise (The Bid Round). THE Department of Petroleum Resources, DPR, has shortlisted 161 successful companies for the final stage of the bid round, targeted at selling Nigeria’s 57 marginal oilfields. Kindly download the update via link below: Review of the 2020 Marginal Field Bid Round_Megathos Law, Pingback: DPR SHORTLISTS 161 COMPANIES FOR FINAL STAGE OF MARGINAL OILFIELD BID ROUND - Megathos Law Practice, Your email address will not be published. The 2020 Marginal Field Bid Round (Bid Round) is making progress in Nigeria! The process of registration, application and submission of Technical and Commercial bids is online via the Marginal Field Bid Round Portal – marginal.dpr.gov.ng. The timeline for the 2020 Marginal Field bid round, after kick off, is expected to take a maximum of six months, while bidding […] The Department of Petroleum Resources (DPR) says the bid round process for its 57 marginal oilfields in the country is still ongoing. Nigeria’s government, through the Department of Petroleum Resources (DPR), recently launched its first marginal field bid round in almost 20 years. The 2003 process has, however, provided the opportunity to learn, improve and ensure that the winners of this bidding round are companies that have the technical and financial capacity to operate the fields. ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company with an existing asset base in Nigeria. The Department of Petroleum Resources (DPR) is due to announce the results of the Marginal Fields bid round, pending the approval of the Minister of Petroleum, H.E. Nigeria officially launches 2020 marginal field bid round by. Required fields are marked *. Save my name, email, and website in this browser for the next time I comment. Having now pre-qualified, we look forward to working together as we progress our bid for marginal fields capable of delivering substantial value for us both.". Energydais Interviewed Olufola Wusu, Partner at Megathos Law Practice, on Energy Law & the Nigerian Oil & Gas Industry, Review of the 2020 Marginal Field Bid Round in Nigeria, DPR SHORTLISTS 161 COMPANIES FOR FINAL STAGE OF MARGINAL OILFIELD BID ROUND - Megathos Law Practice.