7 Jul 2008

Palau gets World Bank help in oil search bid

1:54 pm on 7 July 2008

The World Bank is helping Palau search for possible oil and gas resources in its northern islands.

The Washington-based institution is providing a grant and technical assistance to Palau to select international companies that would provide expertise in developing petroleum regulatory policies, rules and regulations for exploration.

Pacific Magazine reports that the primary areas identified for potential oil and gas are in Kayangel State and Palau's Northern Reef.

Once the World Bank names the consultant company, a contract will be negotiated to meet the target start date of September the 26th.

The consultant then has a two-month period to complete its work.