Seoul  - The Nigerian government on Thursday rescinded oil exploration rights at two fields off the Nigerian coast that were granted to South Korean firms four years ago.

Justifying the move, the Nigerian government said the Korea National Oil Corporation (KNOC) had not made payments as scheduled, according to the KNOC. Allegedly, the KNOC only paid 192 million dollars of the 323 million price that had been agreed upon.

The KNOC says the agreement had only been for 192 million dollars. KNOC says part of the deal called for it to help develop Nigeria's energy infrastructure.

Analysts estimate that there are about 2 billion barrels of undiscovered oil off the Nigerian coast. A barrel is equivalent to 159 litres.

The KNOC said it was considering legal moves to reclaim its rights. South Korean interests hold a 30 per cent stake in the project. The remaining stakes are split: 30 per cent to a British company and 10 per cent to a Nigerian firm. dpa