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Judge returns Nigeria deepwater blocks to KNOC
Lagos: Korea National Oil Co. (KNOC) has been successful in its court action
against the Nigerian government, and has won back the right to explore two
deepwater blocks in Nigerian waters.
The government last year revoked KNOC's license to explore on blocks OPL-321
and OPL-323, on the grounds that KNOC had not fulfilled its financial
obligations related to the concession award. KNOC petitioned the court in
February to restore the concession, even though the government had offered
the acreage to a consortium headed by India's ONGC. ONGC failed to meet a
March deadline for paying a US$480 million signature bonus.
KNOC was originally awarded the blocks in 2005, and at one point had planned
to start exploration drilling this year.
