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Oil and Natural Gas Corp is bidding for a stake in a Nigerian offshore field with an estimated value of $1 billion as it aims to boost its overseas energy reserves , sources reveal. 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, which is controlled by former Nigerian Defence Minister Theophilus Danjuma, sources revealed. Jaspreet Singh,a senior analyst with a brokerage firm ,said, "It seems that this will be a good bid from ONGC and if it gets the property ,it will be in line with its ambitious plans to add volumes to Indias quest for energy security." Sources say ONGC and the Indian government said ONGC Videsh ,the main overseas arm of ONGC, was behind the bid. The sources declined to disclose the size of ONGCs bid. Total investment by winning bidder would reach several billions of dollarsif future spending on field development is counted , sources said. ONGC is keen on Nigeria ,Africas biggest oil producer and the worlds major eighth-major oil exporter that produces 2.4million barrels per day. Earlier this month Nigeria, signed a deal with ONGC Mittal Energy Limited ,a partnership between ONGC and Mittal Steel ,the worlds largest steel maker ,to give oil exploration rights in return for up to $6 billion in infrastructure investment. The Apko field was discovered in 2000, and is located 200 Km offshore in water depths ranging from 1,100 to 1,700 metres.
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| Posted : 11/19/2005 |
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