ONGC refuses Sri Lankan oil block offer

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New Delhi, Sept 28 (UNI) Upstream major Oil and Natural Gas Corporation (ONGC) has turned down an offer from Sri Lanka to operate a block in the Mannar basin due to the size of a bonus request and poor prospects.

''We did not find the prospectivity. Moreover, they were asking for a fantastic signature bonus for that. So we are not interested,'' company's Chairman and Managing Director R S Sharma told reporters on the sidelines of a seminar.

Sri Lanka had earlier this year offered Block 1 in Mannar near the Kaveri basin on a nomination basis to ONGC.

It has eight exploration blocks of which it offered one to India and one to China and will allocate the rest of the six blocks in three months. Both the blocks are in Mannar (in the North West coast), closer to the Kaveri basin.

UNI

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