IN a rebidding exercise for PPL 303-DO, MRS Oil and Gas Company Limited outbid NNPC Exploration and Production Limited by offering an additional $5 million signature bonus.
This brought MRS’s total offer to $15 million.
Initially, both MRS and NNPC E&P had offered a signature bonus of $10 million each, the ceiling set by NUPRC for the deep offshore category.
NNPC E&P did not offer any extra signature bonus in the tie-break process, resulting in their loss of the licence.
According to the rules governing a tie bid, a winner emerges based on a fresh offer of a signature bonus, which serves as the tiebreaker.
This fresh offer of a signature bonus is then added to the pegged signature bonus of between $7m and $10m.
This brings to an end the completion of the 2024 bid round.
Sayyu I. Dantata is the Founder and Chief Executive Officer of MRS Holdings Ltd.
