CORRECTED - UPDATE 3-ONGC says conditions unmet in $2.6 bln Imperial bid

(Corrects closing share price in fifth paragraph to 1,000 pence not 951.43 pence)

* ONGC says still awaiting final clearance from Russia

* Sources say no attempt to renegotiate bid terms

* Imperial share price drops 14 pct, then recovers

(Adds Indian government official, updates shares)

By Tom Bergin and Vladimir Soldatkin

LONDON/MOSCOW, Nov 10 (Reuters) - Indian oil company ONGC (ONGC.BO: Quote, Profile, Research) said on Monday it was still awaiting Russia's approval for its $2.6 billion bid for UK-listed oil explorer Imperial Energy IEC.L, but sources familiar with the situation denied speculation that ONGC wanted to cut the bid price.

Russia's anti-trust authority (FAS) said on Friday it had cleared the 1,250 pence a share offer for Russia-focused Imperial, which ONGC's overseas unit, ONGC Videsh, had announced in August when crude oil fetched around $128 a barrel.

Indian newspaper The Economic Times quoted on Monday a cabinet source as saying the Indian government now felt the bid price might be too high.