Nigeria to invite bids for 27 oil blocks in 2005

Nov 05, 2004 01:00 AM

Nigeria will put on offer a total of 27 oil blocks at the opening of a new bidding round scheduled for the first quarter of 2005.
The blocks are located in the deepwater, continental shelf of the Niger Delta and Chad Basins, Edmund Daukoru, presidential adviser on petroleum and energy matters, was quoted as saying.

Daukoru said in a statement released by the Ministry of Petroleum Resources that "no limit would be placed on the number of blocks a participant company could apply for" in the impending bidding round.
"A company can undertake solo-bidding or take part in partnership with other companies," he added.

Nigeria previously conducted an open bidding round for oil block licensing in 2000. At that time, 22 blocks were put on offer, out of which 11 were offered.
Through the awards of more acreage, Nigeria plans to raise the country's oil reserves to 40 bn barrels from the current 33 bn barrels by 2010, as well as achieve a production capacity of 4 mm bpd by the same year from the current 2.5 mm bpd.

Nigeria is Africa's top oil producer and the world's sixth largest oil exporter.

Source: Xinhua
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