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ONGC seeks Govt nod for Nigeria

ONGC has sought Govt approval to acquire a 90% stake in Nigerian deepwater blocks 321 and 323.

india Updated: Feb 02, 2006 18:02 IST
Reuters
Reuters
None

The state-run Oil and Natural Gas Corp Ltd has sought government approval to acquire a 90 per cent stake in Nigerian deepwater blocks 321 and 323, a top company official said on Thursday.

"We have sought cabinet approval. Our expenditure, including the signature bonus, will be about $1.5 billion," the official, who did not wanted to be identified, said.

First Published: Feb 02, 2006 11:49 IST