In 2005, the Indian Cabinet’s Committee on Economic Affairs prevented, on due diligence grounds and at the last moment, the overseas arm of ONGC Videsh from entering into a $2 billion deal for a stake in a Nigerian oil block. But the 2007 licensing round appears to have been rushed through to raise cash during the dying days of the Obasanjo administration, and it would serve India’s government well to watch this process closely, too.