For failing to pay the Signature Bonus for their respective equity participation in the 2020 Marginal Field Bid Round (MFBR) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked its offer to potential awardees.
It said the forty-five (45) calendar days allowed for payment of the requisite Signature Bonus has since lapsed.
In a notice to all recipients of the Letter of Notification of Potential Awardee Status (MFBR) issued, on Monday, and signed by the Commission’s Chief Executive, Engr Gbenga Komolafe, it said in view of the rules and guidelines governing the bid Round, all offers made to potential awardees who have failed to pay have expired.
“Accordingly, in line with the rules and guidelines governing the 2020 Marginal Field Bid Round and the Notification of Potential Award Letters, all offers made to potential awardees who have failed to pay the Signature Bonus for their respective equity participation have expired by operation of law, and such interests have reverted to the bid basket due to effluxion of time for payment of the applicable Signature Bonus,” it stated.
It further explained that participating interest for Fields where the potential awardees have failed to pay all the required Signature Bonus will be pro-rated adding that the portion not paid for, has automatically reverted to the bid basket.
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NUPRC, however, noted that the portion will be offered to Reserve Bidders, in line with paragraph (iii) of the MFBR Guidelines.
“This is to ensure maximum participation of a wide cross-section of Nigerians,” it added
The Commission, to this end, stressed that it would not take responsibility or be held liable for any activity by such potential awardee.
“The Commission accepts no responsibility or liability in respect of any action or activity by any such potential awardee, their partners, associates, representatives or privies in further pursuit of any consideration or award under the said MFBR.
“Eligible Reserve Bidders will be contacted shortly to provide proof of funds for payment of the applicable Signature Bonus, as a basis for the issuance of potential award letters for the equity participation taken back into the bid basket,” it added.
On May 31, 2021, the defunct Department of Petroleum Resources issued letters of award to investors for the production of crude oil from 57 marginal fields.
Although the exact number of firms that emerged successful for the awards at the ceremony in Abuja were not all stated, some of the firms called up to receive their letters include A.A Rano Nigeria Limited, Duchess Energy and Emadeb Energy Services Limited.
Others are; Matrix Energy Limited, Shafa Exploration and Production Company Limited, Kasiva Limited, DuPaul Mainstream Company Limited and Vhelbherg Exploration and Production Development Company Limited, among others.
The firms would be exploring a total of 57 marginal fields located on land, swamp and offshore terrains, which were put on offer by DPR in June 2020.
The exercise was carried out in two phases, which were expression of interest/pre-qualification phase, and the technical and financial phase.
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