Only Nigerians can bid for marginal oil fields -DPR

The Department of Petroleum Resources has said only companies with 51 per cent equity interests  held by Nigerian  citizens are qualified to bid for the license for the 31 marginal oil fields being placed for sale.

DPR’s Head of Business Assessment and Lease Management, Mr. Gbenga Olufadeju, said this while issuing the guidelines for the 2013 bidding process for  the oil fields on Wednesday in Kaduna.

Olufadeju,  however, noted that foreign companies with technical expertise could own up to 49 per cent equity of a bidding company.

The DPR boss, at the event, also  said  independent oil  marketers could as well team-up to bid for oil fields.

“In bidding for the 31 marginal oil fields, foreign companies with technical expertise can own up to 49 per cent equity of a bidding company but no foreigner would be allowed controlling shares of the companies,” he said.