Indian state consortium buys 10 pct in Mozambique gas field

June 25 Tue Jun 25, 2013 4:00am EDT

June 25 (Reuters) - State-run Oil India Ltd said on Tuesday its consortium with another Indian state company ONGC has signed an agreement to buy a 10 percent stake in a Mozambique gas field from India's Videocon Group for $2.48 billion.

Anadarko Petroleum Corp and Videocon had each launched an auction of their respective 10 percent stakes in the Mozambique field earlier this year.

The Rovuma field has the potential to become one of the world's largest liquefied natural gas (LNG) producing hubs by 2018, and is strategically located to supply gas to India at competitive prices.

Recent discoveries have turned the Rovuma offshore field into a major draw for global energy producers and boosted Mozambique's gas reserves to around 150 trillion cubic feet, enough to supply world number-one LNG importer Japan for 35 years. (Reporting by Swati Pandey in MUMBAI; Editing by Jijo Jacob)