SEOUL, Jan 29 (Reuters) - Nigeria has cancelled offshore oil exploration rights awarded to a South Korean consortium in 2005, members of the group said on Thursday.
"Nigeria informed our consortium that it will cancel the rights because the consortium failed to fully pay the investment that the group had agreed to honour in 2005 when the rights were awarded," consortium members Daewoo Shipbuilding (042660.KS) and Korea Electric Power Corp (015760.KS) said in a statement. (Reporting by Miyoung Kim; Editing by Jonathan Hopfner)
"Nigeria informed our consortium that it will cancel the rights because the consortium failed to fully pay the investment that the group had agreed to honour in 2005 when the rights were awarded," consortium members Daewoo Shipbuilding (042660.KS) and Korea Electric Power Corp (015760.KS) said in a statement. (Reporting by Miyoung Kim; Editing by Jonathan Hopfner)