The Nigerian Upstream Petroleum Regulatory Commission will issue Petroleum Prospecting Licences to Marginal Fields winners in the 2020 Bid Round. This is in fulfilment of an earlier promise.
Gbenga Kokomolafe, chief executive of the Commission made this clear in a statement issued today.
Komolafe stated that NUPRC will also reveal the Implementation Template to the Host Communities Development Trust to commence the provisions under Section 235 PIA, 2021. This will positively impact host communities and increase investor confidence, guarantee seamless operations and create an enabling environment for sustainable hydrocarbon resource development.
He stated that these will be the end of some of the most critical and urgent tasks inherited by the Commission in October 2021 after signing into law the PIA 20201.
Remember that in March, the Commission informed all 2020 marginal field participants that all machinery was in place to make the bidding round process go smoothly by the PIA-2021.
According to the NUPRC boss, in support of the resolution, the Commission created an internal work team to address concerns and distil the issues of awardees to
Close out any issues that affect multiple awardees per asset and the formation of Special Purpose Vehicles (SPVs) by awardees according to respective letters of awards.
“Awardees were therefore enjoined to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest.”
Komolafe said the successful coordination and resolution of the issues culminated in the emergence of the successful awardees that would be handed over licences on Tuesday.
