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

India shoots down Akpo plan



By Upstream staff 

India’s Cabinet committee on economic affairs has rejected Oil & Natural Gas Corporation’s (ONGC) bid for a stake in the Akpo oilfield off Nigeria as it was “too risky”.

The PTI news agency reported sources as saying that ONGC Videsh Limited (OVL) could not be allowed to buy Nigerian independent South Atlantic Petroleum’s 45% stake in Akpo.

An ONGC executive told the news agency that the company would suffer a loss of credibility as a serious player in the international market.

French player Total is the operator of the field, which is expected to come on stream by 2008.


Monday, 19 December, 2005, 03:59 GMT  | last updated: Monday, 19 December, 2005, 08:52 GMT

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