Nigeria Awards ChevronTexaco and Phillips Block OPL 318

Nigeria has signed oil production sharing contracts with ChevronTexaco and Phillips for the development of block OPL318 located in the deep waters offshore. Phillips will be the operator of the block. Nigerian Presidential Adviser on Petroleum and Energy Rilwanu Lukman said at the ceremony in Abuja awarding the agreement marked the end of the first licensing round of oil blocks for the year. Earlier last month, Nigeria signed joint operating agreements with Phillips, ChevronTexaco and ExxonMobil for blocks 214 and 318. ExxonMobil holds 55 percent and is partnered by ChevronTexaco with 35 percent as operators of OPL 214 with NPDC holding the remaining 15 percent. Phillips holds 50 percent in block 318, ChevronTexaco holds 30 percent and NPDC the remaining 20 percent.