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OPL 297 (formerly OPL 246)

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Owner: ONGC Mittal/Videsh

Shore Type: offshore

Block Rights: OPL

OPL 246 formerly belonged to South Atlantic Petroleum Ltd (SAPETRO), an indigenous oil company owned by former Defense Minister, General Theophilus Danjuma.

Working Interests

*ONGC Mittal/Videsh | 100.000%

Oil Fields

Field Name

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Kuro

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Updates

Controversial Block Auctioned in Nigeria

5th October, 2006

webmaster

Shortly after a court order dismissed the claims made by South Atlantic Petroleum Company that the government had illegally revoked its license for OPL 297, the government auctioned it off. The Federal High Court in Lagos on October 4 lifted the injunction on the block which cleared the way for the government to move forward with the auction.

India’s ONGC Mittal Steel submitted the winning bid with an offer of $100 million. Unfortunately for the Indian company it was not immediately able to produce the 25% deposit on the block. According to Department of Petroleum Resources Director Tony Chukwueke, the company will have until 5:30 pm on October 6 to come up with the deposit.

Source: http://www.petroleumafrica.com/controversial-block...

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