Nigeria opens tenders to local firms for 24 oil blocks

Aug 31, 2001 02:00 AM

Nigeria opened tenders to local firms for 24 oil blocks to encourage indigenous participation in the country's oil business, officials said. "The marginal fields development is one avenue for achieving government objectives of improving local content in the Nigerian petroleum industry," Rilwanu Lukman, special oil adviser to President Olusegun Obasanjo, told.
"It is for this reason that government decided to allocate the marginal fields to only indigenous companies," he said during the opening of tenders for 24 out of 116 marginal oil fields located in the Niger Delta region. He said successful firms will be known after 12 months of competitive bidding, beginning with an expression of interest after which the winners will develop the blocs, most of which have reserves of less than 10 mm barrels.

Nigeria is the sixth largest oil exporter in the world and the largest producer in Africa, but its oil business is largely dominated by multinational oil companies. The country has operating agreements with Anglo/Dutch group Shell, France's TotalFinaElf, Italy's Agip and US groups Chevron, Mobil and Texaco.

Source: AFP
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