Nigeria Petroleum and Gas News

No new oil blocs will be open for bidding in the oil rich Niger Delta region in next month's bid round.
The federal government yesterday announced that only old blocs that have been revoked will be on offer in the Niger Delta region. The bids will be tendered before the next administration takes over at the end of May.
Director of the Department of Petroleum Resource (DPR), Dr Tony Chukwueke said: "We don't have any new blocs unless the ones we retrieved from dormant operators."
Some experts recently said if the Niger Delta crisis continues, Nigeria is at the risk of missing some billions of dollars worth of investments.
The Niger Delta is the most prospective oil and gas region in West Africa but it is ranked very poor in terms of security and business practice.
About $10 billion global investment is estimated to flow into Africa and Nigeria controls about 90 percent of West Afirca's oil and gas potentials in deepwater.
No specific reason was given for the decision not to provide new oil blocs in the Niger Delta region which has experienced restiveness in the past four years.
The federal government has offered about 45 oil blocs for investors. The blocs are located at Deep Offshore (12), Onshore and Continental Shelf (23), and Inland Basins (11).
Dr. Chukwueke said initially the number of oil blocs supposed to be 60 but due to time factor, the number had to be reduced to 45 blocs.
Addressing the stakeholders, the Minister of Petroleum, Dr. Edmund Daukoru, said the process to be employed in this bid round is the same as in 2005 consisting of four stages, Zonation, Registration of Bidders, Technical Pre-qualification and Commercial bidding conference.
The minister said in the current round, investors shall incorporate their own local partners in one entity rather than the government presenting any partners to the investors.
Daukoru said: "This process is expected to be more efficient and reduce the period required for due diligence."
The bids will be tendered before the next administration takes over at the end of May.
Director of the Department of Petroleum Resource (DPR), Dr Tony Chukwueke said: "We don't have any new blocs unless the ones we retrieved from dormant operators."
Some experts recently said if the Niger Delta crisis continues, Nigeria is at the risk of missing some billions of dollars worth of investments.
The Niger Delta is the most prospective oil and gas region in West Africa but it is ranked very poor in terms of security and business practice.
About $10 billion global investment is estimated to flow into Africa and Nigeria controls about 90 percent of West Afirca's oil and gas potentials in deepwater.
No specific reason was given for the decision not to provide new oil blocs in the Niger Delta region which has experienced restiveness in the past four years.
The federal government has offered about 45 oil blocs for investors. The blocs are located at Deep Offshore (12), Onshore and Continental Shelf (23), and Inland Basins (11).
Dr. Chukwueke said initially the number of oil blocs supposed to be 60 but due to time factor, the number had to be reduced to 45 blocs.
Addressing the stakeholders, the Minister of Petroleum, Dr. Edmund Daukoru, said the process to be employed in this bid round is the same as in 2005 consisting of four stages, Zonation, Registration of Bidders, Technical Pre-qualification and Commercial bidding conference.
The minister said in the current round, investors shall incorporate their own local partners in one entity rather than the government presenting any partners to the investors.
Daukoru said: "This process is expected to be more efficient and reduce the period required for due diligence."