Nigeria: Russian, Chinese Oil Firms Jostle for Ogoni

Russian oil giant, Gazprom, is among several foreign companies jostling to replace Royal Dutch Shell in Ogoniland following Federal Government’s decision to award the oil fields to another company.

THISDAY was also informed that many Chinese companies have indicated interest in the oil fields, which hold proven reserves of over 10 trillion cubic metres of gas – one of the world’s largest.
President Umaru Musa Yar’Adua had announced over a week ago that oil fields abandoned by Shell in Ogoniland 15 years ago would be given to another oil company this year – a decision, THISDAY learnt, may soon be challenged in court by Shell.

However, Section 25 (1) (a) of the 1969 Petroleum Act empowers the government to take over and re-award oil fields that are inactive.

AllAfrica