The Department of Petroleum Resources (DPR) says it has concluded arrangements to issue award letters to successful investors in the 2020 marginal field bid round programme.

The DPR said the letters would be issued at an award ceremony scheduled to hold in Abuja on May 31.

Mr Paul Osu, Head, Public Affairs, DPR, made the announcement in a statement on Saturday in Lagos.

The News Agency of Nigeria (NAN) reports that a marginal field is any field that has reserves booked and reported annually to the DPR and has remained unproduced for a period of over 10 years.

Osu said the successful investors who would be receiving their award letters were companies that had fully satisfied all requirements listed in the marginal field bid round guidelines.

He said this included full payment of signature bonuses within the specified time frame.

Osu said the DPR would continue to provide transparent regulatory oversight for the oil and gas industry to enable business and create opportunities for investors.

NAN recalls that over 600 companies had applied to be pre-qualified for the bid rounds which began on June 1, 2020.

The DPR said the objective was to deepen indigenous participation in the oil and gas industry as well as add to the country’s production and reserve.

According to the regulatory agency, the marginal field bid round programme is also geared to provide technical and financial partnerships for investors. (NAN)