Nigeria puts oil blocks on sale
2005-06-15 08:35
Lagos - The Nigerian government Tuesday put on sale 14 oil exploration blocks recovered recently from foreign oil companies, requesting bids from interested parties, officials said.
The director of the department of petroleum resources (DPR), Tony Chukwueke, said that the oil blocks were recovered from the foreign oil companies because they had not made use of them.
This brings to 75 the total number of oil blocks DPR has put on sale since last March, he said.
Nigeria, Africa's largest oil producer, derives more than 95% of its foreign exchange earnings from crude sales.