Videocon Industries and US energy major Anadarko Petroleum Corp have put on auction their 20 per cent stake in a giant Mozambique gas field in which state-run ONGC,OIL,GAIL and Indian Oil Corp may be interested.
Both the companies are running almost common auction process but the sale transaction will be separate,sources privy to the development said. First round of bids are due on March 14 after an information memorandum on the sale was sent to potential bidders in early February. Anadarko is the operator with 36.5 per cent stake in Mozambiques offshore Area 1,which may hold as much as 70 trillion cubic feet of gas resources. Videocon and a unit of Bharat Petroleum Corp Ltd hold 10 per cent stake each in the block where Japans Mitsui & Co Ltd is the second-biggest stakeholder with a 20 per cent interest.
Thai state oil company PTT Exploration and Production PCL has an 8.5 per cent interest and Mozambiques state-owned ENH 15 per cent.
Sources said while Videocon has put on offer all of its stake to cut its debt,Anadarko is offering a part of its shareholding. ONGC Videsh Ltd and Oil India Ltd are together negotiating for the stake and it is not clear if they will acquire all of 20 per cent or 10 per cent from either of the parties.