The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has withdrawn the offer letters issued to awardees in the 2020 Marginal Field Bid Round (MFBR).

The commission’s CEO, Gbenga Komolafe, disclosed this in a statement on Tuesday in Lagos.

Mr Komolafe added that the offers were withdrawn due to failure to pay signature bonuses within the stipulated time frame.

He noted that some of the Letter of Notification of Potential Awardee Status recipients in the bid round had yet to pay their signature bonuses after the prerequisite 45 days.

Mr Komolafe explained that offers made to potential awardees who failed to pay their signature bonus for their respective equity participation have expired by operation of law.

According to him, such interests have reverted to the bid basket due to the effluxion of time to pay the applicable signature bonus.

Mr Komolafe also mentioned that this was in line with the rules and guidelines governing the 2020 MFBR and the Notification of Potential Award Letters.

“The commission accepts no responsibility or liability in respect of any action or activity by any such potential awardees, their partners, associates, representatives or privies in further pursuit of any consideration or award under the said MFBR,” he expatiated. “Participating interest for fields where the potential awardees have failed to pay all the required signature bonus will be pro-rated.”

He also stressed that the portion not paid for had automatically reverted to the bid basket and would be offered to reserve bidders in line with paragraph 9 (III) of the MBFR guidelines.

“This is to ensure maximum participation of a wide cross-section of Nigerians,” he added.

Mr Komolafe also stated that eligible reserve bidders would soon be contacted to provide proof of funds for the applicable signature bonus payment.

He stated that this would form the basis for issuing potential award letters for the equity participation taken back into the bid basket.

(NAN)