Nigeria Welcomes Norway

Norwegian oil company Norsk Hydro is the favored bidder on a Nigerian oil and gas field and should sign a contract finalizing the deal within weeks, sources close to the deal said this week.

If it wins the bid it placed earlier this week, it would mark Hydro's entry into Nigeria. Hydro would act as operator, partnering with U.S.-based Syntroleum Corp. (SYNM) and Sovereign Oil & Gas to develop Nigerian Yinka Folawiyo Petroleum Ltd.'s Aje field off the coast of western Nigeria, the sources added.

A Syntroleum spokesman later said, "We haven't received an offer from Norsk Hydro and we will continue to work with all interested parties."