GREY:ENGFF - Post by User
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TechnicalBuyon Dec 03, 2005 3:57pm
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Post# 9960974
ONGC wins Nigerian offshore oilfield
ONGC wins Nigerian offshore oilfieldONGC wins Nigerian offshore oilfield
Saturday, 03 December , 2005, 15:10
Oil and Natural Gas Corporation has won the auction of a Nigerian offshore oilfield with an offer of $1 billion-$2 billion. The source described the bidding process as competitive, but declined to identify other bidders or the exact price of ONGC's offer.
The stake in the yet-to-be-developed Akpo oil and gas field was put up for sale earlier this year by Nigerian firm South Atlantic Petroleum Ltd. The Akpo deepwater field, operated by French oil company Total SA, needs billions of dollars of investment for development. The stake was initially valued by investment bankers at around $1 billion, but buyers put in higher bids after obtaining detailed data.
The bid marks another overseas push by the state-run Indian energy giant after it was beaten by China's state oil giants in the $4.2 billion takeover of Canadian company PetroKazakhstan and the $1.4 billion acquisition of oil fields in Ecuador sold by North American producer EnCana.
https://sify.com/finance/fullstory.php?id=14024607