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ONGC Mittal Awarded OPL 285

1st January, 2005

hexgear

ONGC Mittal Energy Ltd - JV of ONGC Videsh and Mittal Investment Sarl - had in 2005 won exploring rights in OPL-279 and OPL-285 blocks after committing to invest USD 6 billion in an 180,000 barrels per day greenfield refinery, a 2,000 MW power plant or a railway line from east to West of Nigeria. It paid a signature bonus of USD 50 million for OPL-285 and USD 75 million for OPL-279.

At the end of the first phase last year, OMEL has relinquished one of the blocks (OPL 279) while in another, OPL 285, it is willing to go ahead only if the Nigerian government would waive the requirement to set up attendant downstream facilities, official sources said.

Asset: OPL 285-N Source: http://zeenews.india.com/busin...

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