The Department of Petroleum Resources ( DPR) is currently running the 2020 bid round for 57 marginal oil fields located offshore, swamp and onshore terrains in the Niger Delta. This exercise is expected to be concluded this year 2020. The activities are run in accordance with specific Guidelines made public as part of the bid process. When completed, the fields will be allocated to the oil companies who successfully scale through the Technical and Commercial tender evaluations, and pay the required signature bonus. Thereafter the companies will be given license to enter into the fields, and commence exploration and development to produce oil and...for further reading, click on https://businessday.ng/energy/oilandgas/article/who-has-key-to-unlocking-stranded-oil-field-oml-11/
SOURCE: BusinessDay Newspaper Aug 13, 2020.