“Some companies were also awarded reserve bidders status for the corresponding flare sites in case the preferred bidders fail to meet the terms and conditions contained in the RFP.

“At this stage, the preferred bidders would individually proceed to execute the suite of commercial agreements with relevant parties and effect payment of the prescribed award fees to enable the grant of permit to access flare gas by the commission,” it stated.

The upstream regulator said KPMG, a global network of professional firms, had been approved to partner with the commission in the implementation of the award, to ensure successful outcome of the gas flare-out commercialisation process.

The commission congratulated the successful bidders and enjoined them to follow through with the final stages of the programme towards becoming permit holders and executors of viable projects that would harness flare gas for value creation.