Govt Invites Investors To Bid For 57 Oil Fields
Govt Invites Investors To Bid For 57 Oil Fields

The Federal Government, through the Department of Petroleum Resources, has put on offer 57 marginal fields for licensing as part of efforts to develop oil and gas discoveries that had been left unattended to for many years.

The DPR said this while announcing the commencement of the 2020 Marginal Field Bid Round.

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According to the agency, a marginal field is any field that has been discovered and has been left unattended for a period of not less than 10 years, from the date of first discovery, or such field as the President may, from time to time, identify as a marginal field.

It said the exercise, which would be conducted electronically, would include expression of interest/registration, pre-qualification, technical and commercial bid submission and bid evaluation.

The new licensing round is the first marginal field round since 2003.