By Adedapo Adesanya
Over 600 local companies will jostle for the available 57 small marginal oilfields in Nigeria, according to the Director of the Department of Petroleum Resources (DPR), Mr Sarki Auwalu.
This is Nigeria’s first bidding round in almost 20 years.
A report by the News Agency of Nigeria (NAN) said Mr Auwalu gave this figure on a television programme, where he appeared as a guest.
Earlier, it was reported that over 300 oil coys had submitted bids for the exercise. But in June, Business Post reported that the agency had extended the bidding round by two weeks, giving room for more firms to partake in it.
During the TV appearance, the DPR Director said Nigeria’s last bid round for the marginal fields was in 2003, noting that the present exercise has gained lots of interest due to the transparent process set up by the regulator.
”First, I will say that we have really witnessed an increase in bidders after the extension of the deadline to June 21. There has been an almost 30 percent increase in participation.
“If you are making a bid or auctioning any oil field, you need to get 10 people per field really going after the field.
“We have 57 fields and we have over 600 companies. So, we can say that we are celebrating success so far.
“After the extension, we are moving according to schedule and now we are in the phase where we do pre-qualification for the bidders to apply. Everything is going perfectly,” he was quoted as saying.
Mr Auwalu lauded the reception that the investment opportunity had provided many so far, adding that the interest so far is good for Nigeria as it shows that there are companies ready to invest in Nigeria.
There are expectations that the bidding round will boost oil output and bring in much-needed revenue that has been affected by the COVID-19 pandemic.
A marginal oil field is an oil field which has not been exploited for long, but has reserves and has remained productive for a period of over 10 years.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
Like Our Facebook Page
Latest News on Business Post
- Onne Customs Raises Revenue 69.4% to N38.9 billion in Q1 2021 April 22, 2021
- YouTube Launches Inaugural Africa Reading Challenge April 22, 2021
- Audiomack, MTN Develop Data Bundle for Music Streaming April 22, 2021
- FCTA to Reward High Impact Entrepreneurs April 22, 2021
- CSCS Assures Shareholders Sustainable Value, to Pay N1.17 Dividend April 22, 2021
- Fitbit Unveils Device to Track Users’ Fitness, Wellness April 22, 2021
- UK Expresses Willingness to Attract More Investments to Nigeria April 22, 2021
- How to Invest in Stocks in Nigeria: Guide for Beginners April 22, 2021
- Jumia Employee Taking Pleasure in Meeting e-Commerce Needs of Rural Dwellers April 22, 2021
- Over 4 million Investors’ Accounts Have Incomplete KYC Data—SEC April 22, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology4 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Feature/OPED1 year ago
Davos was Different this year
Feature/OPED1 month ago
COVID and the Growth of Technology in Nigeria
Economy1 month ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria