India, South Korea Contest Nigerian Oil Field Drilling Rights

India and South Korea are contesting control of two Nigerian oil exploration areas as the Asian importers increase lobbying to secure energy supplies for their expanding economies.

Growing fuel demand in Asia is driving companies to seek additional supplies overseas. The Nigerian areas, known as blocks 321 and 323, may have oil and gas reserves totaling 2 billion barrels of oil equivalent, enough to meet South Korea’s needs for about three years, Korea National said in August.

Bloomberg