MARGINAL OIL FIELD

Nigeria’s 57 marginal oilfields located in the oil-rich Niger Delta region are scheduled to go into the final stage of bidding according to the Department of Petroleum Resources, DPR.

The DPR revealed that it has shortlisted 161 successful companies that will participate in the said bidding. Mr. Paul Osu, Head, Public Affairs, DPR, disclosed on Thursday in Lagos that the firms were selected from the over 600 companies which applied for pre-qualification.

A marginal field is anyfield that has reserves booked and reported annually to the DPR and hasremained idle for a period of over 10 years. Osu said: “The 2020 marginaloilfield bid round process is still ongoing in line with our publishedtimelines on the DPR website and bid portal.

 “The current status is that 161 successfulcompanies have been short-listed to advance to the next and final stage of theprocess.” According to him, the bid rounds began on June 1, adding that the DPRhad put measures in place to ensure that the awardees would be credibleinvestors with technical and financial capability.

MR PAUL OSU

 He said the objective of the 2020 marginal field bid round is to deepen the participation of indigenous companies in the upstream segment of the industry and provide opportunities for technical and financial partnerships for investors.

 Osu said Nigeria last conducted marginal fieldbid rounds in 2003, with 16 of the fields now contributing two percent to thenational oil and gas reserves, while bringing development to their hostcommunities in the Niger Delta.