Nigeria puts ten oil blocs on sale

Shedding light on plans for the 2006 bid round yesterday in Lagos, Director-General of the Department of Petroleum Resources (DPR), Mr Tony Chukwueke, said the development was a consolidation of government in the main round. “But it is mini because it is limited in size. The government wants to meet its obligation to all the major downstream players that have committed a lot of money to downstream oil and gas, necessary to meet the aspiration that the President has already articulated. “Investors who are willing to or have committed over $2bn, either building refineries or building power stations or gas pipelines for gas consumption or railroad project or even agriculture, the fuel replacement project to put ethanol in our energy mix would be the main beneficiaries. But they must be substantial downstream investors. Those are the ones that will participate,” he said. Contrary to fears that the licensing round may be a discretionary exercise, Chukwueke said since the process would be opened up to those willing to invest in the country, it could not be termed a discretionary exercise. ‘

March 2006
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