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VENTURES AFRICA – Nigeria has given approval for an estimated $10 billion oil exploration project in Bida Basin of Niger state, which would be executed by an undisclosed Chinese firm, the state’s commissioner of mining and mineral resources Abubakar Jibreel, said.
At a ministerial briefing, Jibreel said President Goodluck Jonathan had approved the exploration of oil and gas deposit in the region and would soon sign a memorandum of understanding (MoU) with the said Chinese firm.
Five companies had signified interest to carry out the exploration, but the selected bidder won with an outstanding $10 billion investment proposal.
According to Leadership, Jibreel said a laboratory study of the hydrocarbon deposit in the Bida Basin revealed that there was about a 70 percent gas and 30 percent oil composition.
Meanwhile, the commissioner has warned against the activities of illegal miners in the state. He said the government would strategise on measures to curtail it before it hampers the economic development of the country.