Last Minute Offer Of 45 Oil Blocks Draws Criticism

 9th APR 2007

The announcement on Tuesday of the 45 oil blocks offered by the Federal Government for bids has drawn severe criticism from analysts, politicians and economists, who said the "last-minute" offer was unjustified. Some say the offer of the blocks should be delayed till after general elections scheduled for this month, while some wonder if the lack of security in the Niger Delta and across the country allow a credible award now. Announcing the offer Tuesday, Energy Minister Edmund Daukoru said the government's plan was to complete the offer process before the expected change of government on May 29. He also said that winners of blocks are to pay 50% of the signature bonus at the bid conference to be held on May 3. The balance is to be paid before the signing of production sharing contracts. Interested companies are expected to submit their bids by May 1.

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