Nigeria has awarded ONGC Mittal Energy Ltd OMEL deep water oil exploration blocks with a potential of producing 6,50,000 barrels per day for the next 25 years. It also offered an assured supply of 1,20,000 barrels of crude per day.

In exchange, OMEL plans to invest $6 billion in Nigeria on 2,000 mw coal or gas-based power plant, railway systems and capacity building. The company has also proposed setting up of an export-oriented refinery in Nigeria with a capacity of 1,80,000 bpd.