Weekly Economic and Financial Commentary – June 08, 2020
Reflecting the Federal Government effort to generate more revenue, the Department of Petroleum Resources (DPR) flaged-off the 2020 marginal bid round last week, 18 years after the first one was conducted in 2002. DPR announced that a total of 57 fields located on land, swamp and shallow offshore terrains are on offer. The exercise which will be conducted electronically, will include expression of interest/registration, pre-qualification, technical and commercial bid submission and bid evaluation. According to the DPR guidelines on the 2020 oil bid round exercise, and payment by interested bidders shall attract non-refundable chargeable fees as follows, Application fee of N2 million per field, Bid Processing Fee of N3 million per field, Data prying fee of $15,000 per field, Data Leasing fee of $25,000 per field, Competent Persons Report of $50,000 and $25,000 for Fields Specific Report. The DPR also unveiled that plans are underway to commercialise its 96 gas flare points in a bid to generate revenue and ensure domestic consumption of gas.
The information contained in this web site reflects thoughts and opinions of NOVA Research Team only, and the firm is not soliciting any transaction based upon such information.
The contents of this website are for informational purposes only and may not reflect current financial developments or market conditions. You should not act or refrain from acting
on the basis of any content included in this web site without seeking financial or professional advice on the particular facts and circumstances at issue. NOVA Research Team reserves
the right to change any information contained herein without prior notice. The firm is not responsible for any third-party content that may be accessed through this web site.
The distribution or photocopying of the firm information contained on or downloaded from this site is strictly prohibited without the express written consent of NOVA Research Team.