The Department of Petroleum Resources (DPR) says the bid round process for its 57 marginal oilfields in the country is still ongoing.
Mr Paul Osu, Head, Public Affairs, DPR, told the The streetjournal on Friday in Lagos that the bidding process has not been completed.
“The 2020 marginal oilfield bid round process is still ongoing in line with our published timelines on DPR website and bid portal.
“Over 600 companies have applied to be prequalified for the bid rounds which began on June 1. However, the DPR had put measures in place to ensure that the awardees would be credible investors with technical and financial capability.
“The objective of the 2020 marginal field bid round was to deepen the participation of indigenous companies in the upstream segment of the industry and provide opportunities for technical and financial partnerships for investors.”
According to Osu, the last time the country conducted marginal field bid rounds was in 2003 “with 16 of the fields now contributing two per cent to the national oil and gas reserves while bringing development to their host communities in the Niger Delta.”
The Streetjournal reports that a marginal field is any field that has reserves booked and reported annually to the DPR and was unproductive for a period of over 10 years.
Meanwhile, The Transmission Company of Nigeria (TCN) says the nation’s power industry has attained another all-time national peak of 5,459.50 Mega Watts (MW).
This was announced by Mrs Ndidi Mbah, TCN’s General Manager (Public Affairs), in Abuja on Thursday.
Mbah said the national peak was efficiently transmitted through the nation’s transmission grid at a frequency of 50.26Hz by 8.15pm on the Oct. 28.
HZ means the frequency rate at which current changes direction per second. This is measured in hertz(Hz).
“The new peak surpasses the 5,420.30MW achieved on Aug. 18. by 39.20MW.
“The Acting Managing Director, Mr Sule Ahmed Abdulaziz, commended all the players in the power sector value chain as a result of the feat.
“He attributed the gradual but steady improvement in the quantum of power delivery to collaboration by the sector players, as well as the unbridled effort by the Federal Government, through the Ministry of Power, in setting the right environment for seamless operations.”
Abdulaziz expressed optimism that stakeholders in the sector would continue to work together towards ensuring the continued increase in the quantum of power available to consumers nationwide.
He said that TCN was committed to working with the generation and distribution companies to ensure a sustained improvement in the sector for the benefit of the nation.