Nigerian Government Revokes Oil Blocks, Prepares for Bidding Rounds

Some Multinational Oil companies operating in NIgeria have lost some of their oil blocks adjudged by the Nigerian government as not being put into use. These companies include; Chevron Nigeria Ltd and Mobil Producing Nigerian Ltd.
The federal government of Nigeria also plans to extend the mearsures to other companies that have left their oil leases dormant.
These recovered acreage will make up the basket of oil blocks for offer in the 2006 bid rounds due to commence in September.
In the Niger Delta alone, over 40 oil blocks will be put on offer in the bidding rounds.

However, the Nigerian minister of state for Petroleum, Dr. Edmond Daukoru, explained that the takeover of the leases was in a bid to maintain regular bidding rounds and that the government discuussed with the Multinational companies before the takeover.