Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Marginal oilfield awardees will be credible – DPR

    Marginal oilfield awardees will be credible – DPR

    November 2, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Nigeria’s marginal fields.

    Sam Ikeotuonye

    Lagos — The Department of Petroleum Resources, DPR, says it had put measures in place to ensure that winners of the nation’s 2020 marginal oilfield bid will be credible investors with technical and financial capability.

    The agency revealed this as it reaffirmed that the bid round process for 57 marginal oilfields in the country is still ongoing.

    The Head, Public Affairs at the DPR, Mr Paul Osu, disclosed this in Lagos, saying the bidding process has not been completed.

    “The 2020 marginal oilfield bid round process is still ongoing in line with our published timelines on DPR website and bid portal.

    “Over 600 companies have applied to be prequalified for the bid rounds which began on June 1. However, the DPR had put measures in place to ensure that the awardees would be credible investors with technical and financial capability.

    “The objective of the 2020 marginal field bid round 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,” he said.

    According to Osu, the last time the country conducted marginal field bid rounds was in 2003 “with 16 of the fields now contributing two per cent to the national oil and gas reserves while bringing development to their host communities in the Niger Delta.”

    A marginal field is any field that has reserves booked and reported annually to the DPR and was unproductive for a period of over 10 years.

    Related News

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    Nigeria partners Brazil to develop methanol complex 

    Nigeria says divestment paying off as oil output rises

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.