Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Out of time on Nigeria’s marginal bid round

© Supplied by Nigerian Upstream PeMen sit at board room table talking
If you were one of the winners of Nigeria?s marginal field bid round but have not paid the signature bonus, too bad, your time is up. Picture shows; NUPRC CEO Gbenga Komolafe . Nigeria. Supplied by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Date; 26/11/2021

If you were one of the winners of Nigeria’s marginal field bid round but have not paid the signature bonus, too bad, your time is up.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which replaced the Department of Petroleum Resources (DPR), has said the 45 day period to pay has ended.

“All offers made to potential awardees who have failed to pay the signature bonus for their respective equity participation have expired by law”, it said. These interests have been returned to the bid basket.

The NUPRC said it accepted no responsibility for any further awards.

Where a winner has made a partial payment, they will keep a pro-rated share. The amount not paid for will return to the agency.

NUPRC has not provided information on how many companies have not paid for their stakes.

The NUPRC said it would contact reserve bidders to provide proof of payment for signature bonuses. If they can show they have the funds, the agency may issue award letters for equity participation.

The DPR launched the bid round process in June 2020 and it concluded in June 2021. The agency handed 57 marginal fields to 161 companies.

Arranged marriage

The DPR’s attempts to marry up winners complicated the process. Companies competing for the same field were, in some instances, made joint winners. The plan was that the competitors would form a joint venture and develop assets together.

The way in which the government carried out the bid round looks likely to spark legal action.

The DPR did not provide a full list of winners. It did name AA Rano, Shafa Exploration, Matrix Energy, Vhelblerg Exploration, Sigmund Oil Field, Emadeb Energy, Casiva Ltd, Dutchess Energy and Duport Midstream as being successful.

In comments in December, NUPRC CEO Gbenga Komolafe noted that the payment deadline had already ended. The agency has set up a team to deal with issues linked to a number of companies winning an asset.

Recommended for you

More from Energy Voice

Latest Posts