"OVL was the highest bidder for exporation blocks 323 and 321 in the gulf of Guinea, but had to be contend with 25% stake due to the pre-emption rights exercised by Korea National Petroleum Corporation," officials said.
OVL offered $310 million signature bonus to Nigeria, and promised investment of $525 million for block 323 and $175 million signature bonus for block 321. The two blocks are estimated to hold reserves of two billion barrels of oil, they added.
