Nigeria soon to invite bids for more offshore oil and gas deposits

Nov 24, 1999 01:00 AM

The Nigerian government will soon invite fresh bids for the exploration and development of more of the country's offshore oil and gas deposits, President Olusegun Obasanjo said recently. Speaking at a meeting with Norway's State Secretary for Petroleum and Energy Erland Grimstad, he said that Nigeria has more oil and gas offshore than onshore and would soon be inviting tenders to develop the sector.
Obasanjo called for Norway's assistance in the development of the offshore resources. Nigeria, the world's seventh largest oil producer, currently produces some 2 mm bpd but has pledged to increase its production in coming years.
The Nigerian leader said that although Norway is not an OPEC member, Nigeria and other OPEC members appreciated that country's co-operation with the organisation to maintain stable oil prices. Also Obasanjo urged all foreign firms and investors wishing to do business in Nigeria to cooperate with his administration's policy of "transparency and openness" and refrain frombribery.

Source: AFP via Iinoil
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