Korea, India oil firms win Nigeria sites

Korea National Oil and India’s ONGC Videsh won oil and gas production rights to two Nigerian offshore blocks, the first time companies from the two Asian nations have had stakes in Africa’s largest crude producer.

…The two blocks – officially known as 321 and 323 – have, according to seismic data, the most promising oil and gas reserves among the 14 deepwater blocks Nigeria auctioned Friday and Saturday in Abuja, the national capital. Increasing energy demand in growing Asian nations is driving governments to secure crude and gas supplies in new territories.

Edmund Daukoro, Nigeria’s top oil official, defended the decision to give KNOC preferential rights, saying Korea has promised to build railroads and power plants in Nigeria.

The Standard