Namibia receives no bids for offshore blocks

May 03, 1999 02:00 AM

Namibia has closed the offer for the rights to explore its offshore oil after receiving no bids. Roger Swart, technical manager of Namcor, a state-owned advisory agency, said that Namibia had become a victim of lower oil prices.
Some of the world's biggest oil companies, including the Shell Group and Mobil, cut their exploration budgets by about one fifth because of a 35 % drop in the crude oil price last year.
The cuts have affected drilling around the world, including sites in the North Sea, Alaska and Angola.
"This has happened world-wide but particularly in Africa," Swart said.
Namibia would not invite new bids until oil companies had increased their exploration budgets, he said.

Source: Xinhua via Newspage
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