Exploration: Nigeria opens bidding for oil blocks

Nigeria has started the bidding in an auction of 78 oil exploration blocks in the waters of the Gulf of Guinea, the creeks of the Niger Delta and the inland basin near Lake Chad in its far northeast. Nigeria supplies more than ten percent of the United States' crude imports.

The event has attracted approximately 380 investors either as individuals or consortiums.
Deepwater zones are expected to go for at least $50 million while blocks in inland areas can be picked up for a mere $500,000.