Agency Reporter
The Department of Petroleum Resources (DPR) says Nigeria will earn about $500 million from the signature bonuses to be awarded for 57 marginal oilfields in the country.
The bid round processes for the oilfields which began in June 2020 are scheduled to be concluded by the end of next month.
A director in DPR, Mr. Sarki Auwalu, said during a television programme yesterday that the exercise was to deepen the participation of indigenous companies in the upstream segment of the industry and provide opportunities for technical and financial partnerships for investors.
Auwalu said that out of the over 600 companies which applied for pre-qualification, 161 were successful and shortlisted to advance to the next and final stage of the bid round process.
“For the signature bonus, what we did internally was to look at the Competent Person Report and objectively estimate the average signature bonus on that field,” the News Agency of Nigeria (NAN) quoted him as saying.
He added:”Some fields are high while some fields are low. We estimate to have not less than $500 million which is very much on the conservative side,”
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