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ONGC, Oil India make joint bid for Mozambique gas stake-source
March 14, 2013 / 1:45 PM / 5 years ago

ONGC, Oil India make joint bid for Mozambique gas stake-source

MUMBAI, March 14 (Reuters) - Indian state-owned explorers ONGC and Oil India Ltd have made a joint first-round bid for a 20 percent stake in a Mozambique oil and gas field being offered by U.S. explorer Anadarko Petroleum Corp and India’s Videocon Group, a source directly involved in the matter told Reuters.

Project operator Anadarko is planning to trim its stake in block 1 of the Rovuma offshore field to 26.5 percent in order to share the cost of developing the project. Videocon, controlled by Indian billionaire Venugopal Dhoot, is also looking to sell its 10 percent stake.

Recent discoveries have made the Rovuma offshore field appealing to global majors, and boosted Mozambique’s gas reserves to around 150 trillion cubic feet, enough to supply world number-one importer Japan for 35 years.

Officials at ONGC Videsh, the overseas arm of ONGC that is making the bid, and at Oil India, could not be immediately reached for comment.

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