Investors' hope to acquire fresh oil block licences this year is fading because government is yet to meet the set target.Minster of Petroleum Resources, Diezani Alison Madueke, had announced that details for the commencement of the exercise will be out three months ago but there were no such details yet.

Sources at the presidency told Reuters in June that the likely date for the 2010 oil bid round was August, 2010. The two dates were not met by the government.

Many investors who are eager to acquire new oil blocs are now losing hope for this year.

Some of the investors who spoke on condition of anonymity to Daily Trust said they have lost hope in the exercise because there were no serious statements from the government on the bid round.

Alison-Madueke said at a briefing recently that, "we are working very urgently this time, we are looking at both the marginal fields and also at the 2007 oil bid round which was never actually finalised to try and see how quickly we can move that forward."

She promised in May, 2010 that within the next four weeks details for the bid round will be announced, but nothing of that nature has happened. Efforts to speak to the Senior Technical Assistant to the minister was not successful as he did not pick his calls. The August date has been forwarded to President Goodluck Jonathan, according to a presidential source.

"The moment Mr President approves the proposed August date, everything would be put in motion to carry out the oil blocks licensing round," the source said, requesting anonymity.