Saturday, May 20, 2006
Industry & Economy - Petroleum
ONGC-Mittal combine wins 2 blocks in Nigeria http://www.thehindubusinessline.com/2006/05/20/stories/2006052004110300.htm
Richa Mishra
New Delhi , May 19
ONGC Mittal Energy Ltd (OMEL), the joint venture between Oil and Natural Gas Corporation and L.N. Mittal Group company, has won two oil blocks in Nigeria under a mini bid round. ONGC-Mittal combine has won blocks 209 and 212 in Nigeria's licensing rounds of exploring oil blocks.
Nigerial had invited bids for 17 blocks, which were opened on Friday. The joint venture company had bid for the two blocks at about $50 million (212) and $ 75 million (209), respectively. The two fields were discovered by Shell and Exxon.
Mr Subir Raha, CMD, ONGC, told Business Line, "this is the first step towards expanding our wings further in oil rich Nigeria. This would help in sustaining energy security for the country.''
The joint venture partners were eyeing four blocks in the bidding rounds. Earlier, OMEL had signed a memorandum of understanding with the Nigerian Government for long-term infrastructure investments in exchange for drilling rights in that country.
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