ONGC seeks Govt nod for Nigeria

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

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.

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"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.