Oil Bidding Rounds: Publicity Mechanism Would Be Activated For Interested Participants – DPR

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The Management of the Department of Petroleum Resources (DPR) said the department will publicize the process to participants and investors if given requisite by the Ministry of Petroleum Resources.

The DPR made this known in a statement issued on Sunday, October 1, 2017, in Abuja.

“Our attention has been drawn to a recent publication in a national daily newspaper purporting that the Federal Government of Nigeria through the Department of Petroleum Resources (DPR) has concluded plans to hold an oil bidding round for the award of Marginal Oil Fields “…later this year or early in 2018 and could potentially see scores of investors jostling to acquire oil acreages during the exercise…”

“We would like to put in on record that whereas there might be plans to conduct oil bidding rounds in the near future for purposes of expanding opportunities in the oil and gas sector of the economy in line with the Government’s aspirations to boost exploration activities and to bolster the national reserves, however these exercises would only be conducted when the Department of Petroleum Resources has been given the requisite authorization by the Honourable Minister of Petroleum Resources, to submit operational guidelines and technical frameworks with which to midwife the process.” The statement said.

The DPR also said: “DPR further wishes to assure the public that when once such approvals have been secured, appropriate publicity mechanism would be activated to properly apprise interested participants and investors both within Nigeria and the international community as to how the process would be managed, reminiscent of the transparency and openness that have become sacrosanct guiding principles of the current administration.”

The department said it is yet to finalize any framework for a bidding round, but however, it reaffirms Government’s longstanding adherence to the principle of an open competitive bidding process as opposed to a discretionary process of acreage allocations that has long been discarded by the Federal Government.

The management enjoined the media and the public to reject any reports to the contrary and advised to always seek for appropriate information and clarifications pertaining to the issue or any other matter related to the DPR Management. at any time, or refer to our electronic channels of communication for regular information updates.

It suggested that reference can be made to the DPR electronic channels of communication for regular information updates.

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