India approves acquisitions offshore deepwater Mozambique

ONGC Videsh and Oil India have received governmental approval to acquire a total of 20% interest in gas production offshore Mozambique.

Offshore staff

NEW DELHI, India – ONGC Videsh and Oil India have received governmental approval to acquire a total of 20% interest in gas production offshore Mozambique.

ONCG, through OVL will buy Videocon’s 10% interest in Rouvama Area 1 for $2.475 billion, and OVL will acquireAnadarko Petroleum’s  interest in the block for $2.64 billion. The total area involved is 2.6 million acres in the deepwater Rovuma basin with estimated recoverable gas reserves of 35-65 tcf.

The transactions are scheduled for completion in February 2014.

10/07/2013

More in Regional Reports