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Friday, October 2, 2009
India’s Essar Group will soon hold a stake in one of Nigeria’s offshore blocks according to S.R. Agrawal, Essar’s Director and Chief Executive. The company expects to sign a contract to explore in Nigeria soon.
“Yesterday, we received the final version of the production sharing contract (PSC) from Nigeria, and this month we will be signing the contract,” Agrawal said.
Essar Exploration, an Essar Group unit, will have a 100% stake in the OPL 226 area in Nigeria.
OPL 226 covers an area of 1,530 sq km and is located in the petroliferous Nigerian Continental Shelf in water depths of up to 200 meters. The block is regarded to be highly prospective, with the existing Noa gas discovery. Essar Exploration & Production Ltd. Nigeria was awarded 100% ownership of the offshore block in the 2007 bidding round with a signature bonus payment of $37 million.
The Indian firm has set up a Nigeria registered affiliate company and is awaiting clearances to commence operations in this block, including G&G studies, 3D seismic, and drilling.
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