Financial Daily from THE HINDU group of publications
Tuesday, Feb 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 07, 2006 |
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Corporate
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Outlook Confusion over ONGC plan to buy Nigerian blocks Pratim Ranjan Bose
Kolkata , Feb. 6 ONGC's proposal to acquire 90 per cent stake in two offshore oil exploration blocks in Nigeria - 321 and 322 - is mired in confusion. According to latest information, Korea National Oil Company (KNOC) has been offered 65 per cent equity in the blocks and ONGC 25 per cent. It is learnt that the Cabinet committee concerned has postponed its decision on the proposal till its next meeting. An ONGC official said that there was some confusion over the equity structure in the exploration blocks. Hectic discussions are taking place among all the parties involved in the issue. Stating that the transaction was "on", the official added that there were some differences with the Korean company claiming 65 per cent stake. ONGC Videsh Ltd (OVL), the overseas arm of ONGC, had bid a total of $485 million to secure 90 per cent equity in the blocks. The Nigerian Government has reserved 10 per cent equity for a local partner.
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