OVL, OIL to buy offshore Mozambique stake

By OGJ editors

ONGC Videsh Ltd. and Oil India Ltd. have signed definitive agreements to jointly acquire a 10% participating interest in the deepwater Rovuma basin Offshore Area 1 Block in Mozambique for $2.475 billion.

They will form a jointly owned special-purpose vehicle to buy 100% of Videocon Mozambique Rovuma 1 Ltd., a unit of the Videocon Group of Companies, Mumbai. OVL will own 60% of the joint vehicle, and OIL will own 40%.

A group led by Anadarko Petroleum Corp. has made large natural gas discoveries on the 2.6-million-acre block and plans a 20-million-tonne/year liquefaction plant in Cabo Delgado province (OGJ Online, Apr. 18, 2013).


Cannot serve request to /content/ogj/en/articles/2013/06/ovl-oil-to-buy-offshore-mozambique-stake.render.html on this server

ApacheSling/2.2 (Day-Servlet-Engine/4.1.52, Java HotSpot(TM) 64-Bit Server VM 1.7.0_51, Windows Server 2012 6.2 amd64)