FG Rakes In N200b, $7m From 2020 Marginal Field Bid

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the 2020 Marginal Field bid round has earned the Federal Government about N200 billion and $7million revenue.

Its Chief Executive Officer (CEO) Engr. Gbenga Komolafe made this known at the official unveiling of Host Communities Development Prospecting Licenses (PPLs) and presentation of PPLs to 2020 Marginal Field Awardees in Abuja.

“Again, it is noteworthy that the 2020 Marginal Field Bid Round exercise in respect of which PPLs are being issued today has attracted Government revenue of about N200billion and seven million dollars respectively,” he said.

Komolafe noted that since inception, a total of 30 fields have been awarded, with 17 currently producing.

Giving the breakdown, he added that two fields were awarded in 1999, 24 fields were awarded in 2003/2004, one was awarded in 2006 and 2007 and two in 2010.

According to him, 10 years after, in 2020 57 fields were awarded.

Stressing that the commission has been transparent, he said NUPRC has been very committed to beneficial ownership disclosure in the bid exercise.

He added: “The Beneficial Ownership (BO) reporting, which requires full disclosure of ownership information.”

The CEO noted that the Nigerian Oil and Gas Asset Beneficial Ownership Register (NOGABOR) portal has been developed by requisite compliance by oil and gas companies.”

According to him, oil prices have crossed $100 per barrel due to disruptions that the Russian and Ukraine conflicts have caused. He regretted that Nigeria is not reaping from the high prices because of sabotage, theft and other operational challenges.

Komolafe insisted “potential licensees are urged to take advantage of the current market realities and quickly bring their fields to production.”

Minister of State for Petroleum Resources, Chief Timipre Sylva, reminded the awardees that the licenses are governed by the Petroleum Industry Act, adding they should adhere to the law.