Nigeria and South Korea have signed three separate agreements on a 1,200-kilometer gas pipeline project, an independent power project and a joint research and documentation of solid minerals resources in Nigeria, Nigerian newspapers reported Monday.

The weekend agreements estimated at 6 billion U.S. dollars, signed following last week's three-day visit of the South Korean President Roh Moo-Hyun, centered on investment by a South Korean consortium including Korea National Oil Corp. (KNOC) in exploration and production of petroleum, in oil blocks and construction of gas-fired power plants, gas pipelines and fertilizer plant and other projects.

The gas pipeline project to be constructed by the Korean investors will originate from Obeng, situated at the northern fringe of the oil-rich Niger Delta and run upwards to terminate at Abuja.

The power project is made up of two power plants to be located in Abuja and the northern city of Kaduna with an aggregated capacity of 2,250 megawatt.

The KNOC and the Nigerian National Petroleum Co. signed a production sharing contract for two deep water blocs, which, with a combined signature bonus of 485 million dollars for 60 percent equity, were said to hold up to 1 billion barrels of oil reserves.

The Korean investors would also participate in building rail line facilities to link major cities across the country.

The Geological Survey Agency of Nigeria signed two agreements with the Korean Resources Corp. and Korea Institute of Geosciences and Mineral Resources.

The agreements are related to mineral resources information exchange and joint exploration, research and development of geo- scientific knowledge.

Source: Xinhua