Nigeria Oil Block Licensing Road Show in London Wednesday

LAGOS Apr 16, 2007 Dow Jones Newswires

The Nigeria Oil Block Licensing Round 2007 Road Show will be held in London Wednesday, an official of the Department of Petroleum Resources told Dow Jones Newswires late Monday.

The event will take place at 9 a.m. local time, at Savoy Hotel, in the Rivers Suite, according to the official.

Nigeria is offering 45 oil blocks in the licensing round, for which a bidding conference is planned for May 3.

Edmund Daukoru, Nigerian Minister of Energy, announced early this month that winners of oil blocks would be required to pay 50% of their signature bonuses on the bid conference day, while the balance must be paid before the signing of production sharing contracts.

Interested companies have up to May 1 to submit their bids for the blocks.

Daukoru said the government planned to conclude the licensing round before May 29, when a new government is expected to be inaugurated.

Nigerians went to the polls Saturday to elect governors and members of State Houses of Assembly for the 36 states of the country and the Federal Capital Territory.

The second leg of the election, scheduled for Saturday, is for the election of the President and members of the National Assembly.

Copyright (c) 2007 Dow Jones & Company, Inc.

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