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Pratim Ranjan Bose

Kolkata , Feb. 21

THE ONGC Chairman, Mr Subir Raha, said that ONGC was working on the proposed acquisition of two exploration blocks in Nigeria. He, however, declined to divulge details.

On being asked whether there was any hope on the issue of acquiring control over the blocks in the joint venture with Korea National Oil Company (KNOC), he said, "We must be hopeful or else why should we continue working on it."

ONGC had previously approached the Union Cabinet in seeking approval for picking up 90 per cent stake in exploration blocks 321 and 322 in Nigeria through ONGC Videsh (OVL) for $485 million.

The proposal had been contested by KNOC, which claimed that it was already holding the right to securing 65 per cent operating stake and ONGC was offered 25 per cent interest.

More Stories on : Mergers & Acquisitions | Petroleum | Oil & Natural Gas Corporation Ltd

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