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Friday, 05 December, 2008, 17:40 GMT | more >>

Indians land $6bn Nigeria deal



By Upstream staff 

India's ONGC Mittal Energy (OME) has landed oil exploration rights from Nigeria in exchange for investing up to $6 billion in the country’s infrastructure.

Reuters quoted Nigerian Oil Minister Edmund Daukoru as saying that the blocks would be awarded to OME in exchange for investments of up to $6 billion in power, railways, oil refining and agriculture.

"They are targeting raising their production to 650,000 barrels per day. We will give them oil blocks where they have to find that," he added.

The blocks could be chosen from those that failed to receive bids in a recently concluded licensing round.


Friday, 11 November, 2005, 06:58 GMT  | last updated: Friday, 11 November, 2005, 07:55 GMT

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