After a three and a half month-long exercise, Nigeria’s Department of Petroleum Resources (DPR) has concluded this year Marginal Fields bid round, and is currently awaiting the consent of President Muhammadu Buhari who doubles as the minister of petroleum.

The bid round exercise, a local content portfolio restricted to basically local oil firms, featured 52 fields and was concluded on September 15, 2020. Officials of DPR said it was heavily subscribed, and arguably so, the largest number of bid applications in any hydrocarbon licencing sale in Africa in close to 10 years.

Although the Department of Petroleum Resources (DPR) did not put a specific cost to each oilfield, the regulator however said the fields have lower cost of investment of between $50 and $100 million, and risk of development compared to major capital projects.

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Source: OrientEnergyReview