Afghanistan will begin an oil tender process in July or August in a move the country hopes will lure foreign investors and help revamp its economy, said Wahidullah Shahrani, Afghanistan’s Mines Minister.
Oil production in Afghanistan has all but ceased mainly because of security concerns.
But Shahrani, who took over as minister in January, is hoping to attract risk-taking bidders by offering a new legal framework and plans to build infrastructure, reports Reuters.
Shahrani estimated that Afghanistan has 1.6 billion barrels of oil reserves, which if proven would be more than those of Colombia, according to the latest data from BP.
Shahrani will meet oil companies in London this week to discuss the tender process.