Indian Oil Firm ONGC Tries Not to Lose Oil Block

Indian oil firm ONGC Mittal offered $100 million for Nigerian Oil Prospecting Licence 246 after a court ruling opened it for a bidding contest, a Department of Petroleum Resources official said on Thursday.

The Indian firm out-bid INC Natural Resources and BG-Sahara at an auction on Wednesday shortly after the former licensee, local oil company South Atlantic Petroleum, lost a legal challenge against a government decision to revoke the licence.

ONGC must pay 25 percent of the signature bonus by Friday or lose the block to INC, which was designated as the reserved bidder, the official said, asking not to be named.