Nigeria’s Bid Round Signature Bonuses are Overpriced, says Platform’s Outgoing CEO

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CBN

…Dismisses the rumour that the company was awarded stakes in several fields.

Osa Owieаdolor, Platform Petroleum's CEO, Elects Early Retirement -  Africa's premier report on the oil, gas and energy landscape. - Africa's  premier report on the oil, gas and energy landscape.

The Nigerian government’s expectation of raising half a billion dollars from signature bonuses, has imposed significant financial pressure on participants in the about-to-be-concluded bid round of marginal fields, in the opinion of the chief executive of a homegrown E&P independent.

“By our own assessment, I think it is overpriced”, contends Osa Owieadolor, the Managing Director and Chief Executive Officer of Platform Petroleum, itself a marginal field operator. “In (the last marginal field bid round exercise) in 2003, $150,000 was paid as signature bonus, but now it is ranging from $5,000,000 to as high as twenty-something

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