ERHC Energy Inc (ERHE)

[doug c]

Here is the post. I'm sure Ken wouldn't mind my re-posting it here:

!


Nigerians 'to launch new round'
Nigeria is still planning to launch its licensing round in the next
two weeks, although details will not be given until Energy&Power
Minister Edmund Daukoru returns from an overseas trip, writes Barry
Morgan.
The round is set to cover about 30 onshore and offshore blocks.

However, many industry officials doubt that any kind of licensing
programme can be successfully carried out before April's national
elections.

The round has been delayed amid speculation that the exercise will be
pushed back until after the elections.

Delegates at this week's Pennwell: Offshore West Africa Conference,
held in Abuja, suggested oper-ators and contractors were wary of
participating in any round with no guarantee that the ground rules
would not change again with a new administration.

When Olusegun Obasanjo came to power in 1999, he unilaterally
abrogated 16 offshore licences awarded under the previous military
transition government of then head of state General Abdusalaami
Abubakar.

It is understood that Asian players, especially state owned oil
companies from China, India, South Korea and Malaysia, are waiting
for allocations in exchange for downstream investment commitments
currently under negotiation.


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23 March 2007 00:01 GMT | last updated: 23 March 2007 00:01 GMT