Marginal Field: If You Haven’t Paid Signature Bonus, You’ve Lost It, Says Nigerian Regulator - Africa’s premier report on the oil, gas and energy landscape.

Marginal Field: If You Haven’t Paid Signature Bonus, You’ve Lost It, Says Nigerian Regulator

Winners of the Nigerian marginal field bid round who haven’t paid the stipulated Signature Bonus have forfeited the awards, the government has said.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says that “the forty-five (45) calendar days allowed for payment of the requisite Signature Bonus by all recipients of the Letter of Notification of Potential Awardee Status in the 2020 Marginal Field Bid Round (MFBR) has since lapsed”.

Accordingly, the regulator notes, in line with the rules and guidelines governing the 2020 Marginal Field Bid Round and the Notification of Potential Award Letters, “all offers made to potential awardees who have failed to pay the Signature Bonus for their respective equity participation have expired by operation of law, and such interests have reverted to the bid basket due to effluxion of time for payment of the applicable Signature Bonus”.

The letter, signed by Gbenga Komolafe, Commission Chief Executive (CCE) of the NUPRC, says “the Commission accepts no responsibility or liability in respect of any action or activity by any such potential awardee, their partners, associates, representatives or privies in further pursuit of any consideration or award under the said MFBR”.

The Commission explains that “participating interest for Fields where the potential awardees have  failed  to  pay all the required Signature Bonus will be pro-rated and the portion not paid for has automatically reverted to the bid basket and will be offered to Reserve Bidders, in line with paragraph 9(iii) of the MFBR GuideIines”.

This is to ensure “maximum participation of a wide cross section of Nigerians”. The commission allows that “Eligible Reserve Bidders will be contacted shortly to provide proof of funds for payment of the applicable Signature Bonus, as a basis for the issuance of potential award  letters  for  the  equity  participation taken  back  into       the  bid basket”. The letter can be accessed here.

 

 

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