The Nigerian Supreme Court has ruled in favour of a federal government decision to reallocate deep-water exploration licences OPL 321 and 323 away from a consortium led by Korea National Oil Corporation (KNOC) to a partnership including Nigerian players and India’s ONGC Videsh.

KNOC’s licence was revoked in 2009 by then-president Umaru Yar’Adua, citing failure to meet key conditions, including full payment of signature bonus and delay in beginning construction of a 1200-kilometre gas pipeline from the southern oil swamps to the capital Abuja, and in meeting a commitment to provide 2250 megawatts of power generation.