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Marginal Fields bidding round is now open in 2020 after over 18 years and The Department of Petroleum Resources (DPR) has laid out the costs. The former licenses on the fields were revoked to allow new bidders own the licenses.
According to DPR statement, there are a “total of 57 fields” in this 2020 round of Marginal Fields bid. The fields are located on the country’s land, swamp and shallow offshore terrains are on offer.”
Indigenous oil & gas companies and investors who have an interest in the exploration and production business in Nigeria are allowed to participate.
The decision to auction the fields was influenced by the stakeholders in the country who urged the FG to conduct an oil bid round. This way the country can raise revenue to fund some of its projects.
Bidding Costs for 2020 Marginal Fields
All prospective bidders will be charged non-refundable fees
Registration – N500,000
Application – N2 million per field
Bid processing – N3 million per field
Prying – $15,000 data per field
Leasing – $25,000 data per field
Competent persons report – $50,000 per field
Field specific report – $25,000 per field
All costs for the 2020 Marginal Fields participation amounts to $115 and N5 million (to be paid in local currency).
Applicants for the 2020 Marginal Fields bidding round must adhere to the approved guidelines to apply for as well as show competence and responsibility.
The process which will be on for the next six months will also happen electronically.
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