In a high-stakes rebidding for the PPL 303-DO, MRS Oil and Gas Company Limited secured victory over NNPC Exploration and Production Limited by offering an additional $5 million in signature bonuses, raising their total bid to $15 million.
Initially, both companies had submitted identical $10 million offers, the maximum set by the NUPRC for the deep offshore category.
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However, when a tie-breaker was called, NNPC E&P refrained from increasing their bid, allowing MRS to emerge as the winner.
Under the tie-break rules, the deciding factor was a fresh signature bonus offer, which is added to the base bonus of between $7 million and $10 million. This marks the conclusion of the 2024 bid round.
