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India to invest $359m in 2 oil blocks in Nigeria

India is to invest 359 million dollars in two   Nigerian oil blocs, Mr Mahesh Sachdev, the country’s High Commissioner to Nigeria, has said. The two blocks, OPL 279 and OPL 285, are being jointly explored by Indian joint venture company of ONGC Videsh and Lakshmi Mittal’s Mittal Investments Sarl (MIS), known as ONGC Mittal Energy Ltd, incorporated in Cyprus.

The exploration for the blocs, which are located in the Gulf of Guinea, is for five years, from 2007 to 2012.
He said that funding of 359 million dollars to ONGC Videsh Ltd, overseas arm, for the execution of the first exploration phase in the two Nigerian deepwater blocks, had been endorsed by the Cabinet Committee on Economic Affairs (CCEA). He added that the budgeted estimates for the first phase of exploration included signature bonus and acquisition cost.

Also, the envoy said that a Memorandum of Understanding, MoU, had been signed between a Mumbai-based consulting and human resources specialist, Acubes Solutions (ACPL), to offer skills development and enhancement programmes to graduate students in Nigeria. He said the MoU was signed recently in New Delhi by Nigeria’s Minister of Labour and Productivity, Mr Adetokunbo kayode, and his Indian counterpart, Mr Mallikarjun Kharge.

Sachdev explained further that the programme had been launched under the employment generation pilot scheme of the Ministry of Labour and Productivity with the objective of training more than 12,000 students in 2011.

“Based on the success of the pilot project, ASPL will suggest short courses to the Ministry to be offered to graduate students in Nigeria so that their employment potential would be enhanced considerably,  primarily in the IT and telecom domains,” the envoy said.


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