161 winning Oilfield bids received, winners allowed to make payments in Naira – Sylva

THE Federal Government has disclosed that 161 winning bids have been received in the latest Marginal oilfield round, stating, however, that signature bonuses can also be paid in the local currency, Naira.

Minister of State for Petroleum, Timipre Sylva, made this known during a press briefing on Petroleum Industry Bill on Thursday. He added that the winners have a deadline of April 20 to complete payment.

“161 winning bids for Marginal Fields, they’ve been notified, we’ve started receiving signature bonuses. 

“So far, 50% of winners have paid. We’re expecting $600m from the whole process. We also gave allowance for payments in naira and they have till April 20 to pay,” Sylva said.

It can be recalled that earlier this month that the Department of Petroleum Resources (DPR) has distributed the third letter in the series of correspondences it has been sending to, apparently, the 161 companies shortlisted as bid winners of the 57 marginal fields on offer in the country’s second marginal field bid round.