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Our Bureau

New Delhi , Feb. 1

THE Cabinet Committee on Economic Affairs (CCEA) has deferred a decision on ONGC Videsh Ltd (OVL) taking up two exploration blocks in Nigeria by paying an upfront signature bonus of $485 million.

Asked whether the CCEA had considered the issue, the Minister for Information and Broadcasting, Mr Priya Ranjan Dasmunsi, said, "The issue did not come up for discussion and it has been deferred."

OVL was the top bidder for both blocks, OPL 321 and OPL 323 in Nigerian Licensing Round 2005, but these were handed to Korean National Oil Corporation (KNOC) as the latter was given the first right of refusal by the Nigerian Government. The blocks are being reverted to OVL as KNOC delayed submitting bank guarantees and dithered over negotiations on the production-sharing contracts despite an extension of deadline.

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