ONGC Chairman R S Sharma clarified that the company will not revise its $2.59 billion bid to acquire UK-listed Imperial Energy in the wake of global economic crisis.

Talking to the reporters he said the company would not revise the bid because it has enough liquidity to fund the transaction.

International oil prices averaged around $115-120 a barrel in August when ONGC made the 1,250 pence a share successful bid to acquire Imperial that has oilfields in Russia. The crude oil prices have since fallen below $70 a barrel.

Crude prices decide the value of acquisitions in oil and gas sector as they indicate the monetary value of the reserves in ground.