Nigeria Wants Petronas To Resume Oil Exploration
26 Apr 2012 10:16 AM

Petronas, via a joint venture, used to drill oil in the Agadem Block in eastern Nigeria but the project was abandoned in 2006.

KUALA LUMPUR: Nigeria wants national oil company Petroliam Nasional Bhd (Petronas) to resume exploring oil and gas in the country.

Nigerian foreign minister Mohamed Bazoum said he will write a formal letter to Prime Minister Najib Tun Razak to urge Petronas to make a comeback to the the country after nearly an eight-year lapse.

Nigeria has been known for many years to have oil reserves embedded in her soil, although the proven reserves have not been technically or fully ascertained until recently.

Bazoum said many Asian countries, mainly from China, are currently exploring oil in Nigeria, one of West African nations. He was speaking to reporters after leading an entourage to pay a courtesy call on International Trade and Industry Minister Datuk Seri Mustapa Mohamed at his office here yesterday.

The visit was to explore the potential of bilateral cooperation between both countries.

Nigeria is a resource-rich country located in West Africa. The country is the second largest uranium producer in the world, valued at US$3.5 billion (RM10.71 billion). It also has abundant iron, phosphate, cement and gold.

Mustapha said trade between Nigeria and Malaysia is small but hoped it could be improved further.

Bilateral trade decreased by 34 per cent to US$7.54 million (RM23.07 million) last year from RM11.1 million in 2010. The balance of trade of US$7.5 million (RM22.95 million) last year was in Malaysia's favour.

Exports and imports to Nigeria fell by 34 per cent and 932 per cent to reach US$7.5 million and US$20,000 (RM61,200), respectively, for 2011 compared with 2010.

Link : http://www.btimes.com.my/Current_News/BTIMES/articles/niger/Article/#ixzz1t6fcupz7