FG extends registration deadline for marginal field bid round to June 21

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The Department of Petroleum Resources (DPR) has extended the registration deadline for the marginal oil fields bids by one week.
In a notice published on Thursday, the agency said the deadline has been moved from June 14 to June 21.
It did not give a reason for the extension.
If successful, it would be the first marginal field bidding round to hold since 2002.
DPR announced the commencement of the bidding rounds on June 1; offering 57 fields located onshore, swamp, and shallow offshore terrains.
Marginal fields are smaller oil blocks, with reported reserves and production potential, which have been discovered by companies and have not been developed for over a period of 10 years.
To encourage local participation, the fields are usually left to indigenous companies i.e., companies registered to carry out petroleum exploration and production operations in Nigeria with 100% indigenous shareholding.
However foreign investors are not totally excluded as awardees may assign up to 49% of its interest to another party subject to approval by the minister of petroleum resources.
In 2013, Diezani Allison-Madueke, former minister of petroleum resources, had declared the second marginal bid rounds open and investors had submitted bids for the 31 marginal fields put up for bidding.
However, the bid rounds which were scheduled to be completed in March 2014 could not meet the deadline.

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