OVL-OIL to buy 20% in Mozambique gas field

OVL and OIL have been permitted by buy Videocon Group’s 10 per cent interest in the Rovuma Area-1 for $2.475 billion.

Written by Press Trust Of India | New Delhi | Published:October 5, 2013 4:18 am

The government has approved ONGC Videsh Ltd and its partner Oil India Ltd acquiring a total of 20 per cent stake in a giant offshore gas field in Mozambique for over $5 billion.

OVL and OIL have been permitted by buy Videocon Group’s 10 per cent interest in the Rovuma Area-1 for $2.475 billion. Meanwhile,OVL will acquire US energy major Anadarko Petroleum’s 10 per cent stake in the same block for $2.64 billion.

“This acquisition will help us meet our energy needs as gas in the block will be turned into LNG for sale into markets like India,” oil minister Veerappa Moily said.

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results