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FG to sell six billion barrels oil reserves to China for $50bn
2009.12.14
# Petroleum Industry Bill fails December deadline
Abuja plans to proceed with the sale of six billion barrels oil reserves to Chinese oil companies once the Petroleum Industry Bill (PIB) is pass into law, Daily Independent has learnt.
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Presidential Adviser on Petroleum, Emmanuel Egbogah, confirmed at the weekend that discussions are going on between both parties, even though there are fears that the PIB may not be passed this year.
Egbogah told journalists that, "Chinese companies have made proposals to buy reserves in Nigeria. Their application is to acquire six billion barrels of oil reserves, which we are currently discussing."
"They are prepared to spend as much as $50 billion," he said, but declined to name the companies.
The government disclosed in September that it was holding talks with China's CNOOC Limited over signing deals on onshore oil blocks.
CNOOC wants to expand its position in Nigeria by securing drilling rights unused by Western oil firms.
Abuja aims to approve major reforms in the oil and gas sector when the PIB, which covers both upstream and downstream operations, is passed
It includes changes to existing production-sharing agreements between the government and international oil companies.
China, Africa's third-largest trading partner after the European Union (EU) and the United States, plans to invest in Africa to secure its energy supplies.
Egbogah said Nigeria plans to adopt an alternative route to fund the oil and gas industry.
"The international oil companies in the existing joint venture arrangements have consistently complained that the government's budgetary allocations for cash call purposes have often and chronically fallen short of requirements over the years."
Western oil companies work through joint ventures and production-sharing agreements with the Nigerian National Petroleum Corporation (NNPC).
He disclosed that the industry is facing a cumulative funding shortfall of $6 billion, and "we are going to some alternative funding mechanism to close the shortfall.
"This does not include government bonds but includes other type of borrowings. That is what we call alternative funding." However, attempts by the Senate Joint Committees on Petroleum Resources (Downstream and Upstream) and Gas to submit its report on the PIB has suffered a setback. The Joint Committees failed to submit a report even after a consultant was drafted in, following an inconclusive retreat in October.
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