Indian cabinet committee okays stake in offshore Mozambique

India’s cabinet committee on economic affairs has approved the proposal of the ministry of petroleum and natural gas to authorize ONGC Videsh Ltd. and Oil India Ltd. to acquire interest in the Rovuma Area 1 block offshore Mozambique.

ONGC Videsh and Oil India will acquire 10% from Videocon Mauritius Energy Ltd. for $2.475 billion, with closing by Dec. 31 (OGJ Online, June 25, 2013).

ONGC Videsh will acquire another 10% from Anadarko Mozambique for $2.64 billion, with closing in February (OGJ Online, Aug. 26, 2013).

The block, with 2.6 million acres, is in the deepwater Rouvma basin.