Gazprom, Chinese oil firms eye Nigeria's Ogoniland: report

ENERGY TECH

Gazprom said in February that it was in talks with the Nigerian government and that it was optimistic they would result in a deal worth more than seven billion dollars (4.5 billion euros). It is not clear if Gazprom was already eyeing the Ogoni fields then.

by Staff Writers
Lagos (AFP) June 16, 2008
Russian gas giant Gazprom and several Chinese companies are interested in replacing Royal Dutch Shell in the Ogoniland region of the Niger Delta following the Nigerian government's decision to award the oil fields to another company, the daily This Day reported Monday.

Shell abandoned the fields, which hold proven reserves of over 10 trillion cubic metres of gas, 15 years ago after its relations with the local Ogoni people broke down to such an extent that the company became unable to operate.

Earlier this month Nigerian President Yar'Adua told the Nigerian community in South Africa that "by the end of the year another oil operator will take over Shell Petroleum interests in Ogoniland."

Nigeria's 1969 Petroleum Act empowers the government to take over and re-award oil fields that are inactive.

Gazprom said in February that it was in talks with the Nigerian government and that it was optimistic they would result in a deal worth more than seven billion dollars (4.5 billion euros).

It is not clear if Gazprom was already eyeing the Ogoni fields then.

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ENERGY TECH

Hong Kong aims to create oil futures market: financial secretary

Hong Kong (AFP) June 16, 2008
Hong Kong is looking at developing its own oil futures market as China tries to counter the effect of the commodity's rocketing price, the city's financial secretary said Monday.

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