ONGC, OIL close acquisition of stake in Rovuma gas field (Mozambique)
Indian companies ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) have completed the acquisition of 10% interest in the Rovuma Area 1 offshore Block in Mozambique by acquiring 100% shares of Videocon Mozambique Rovuma 1 Ltd, the company holding the 10% stake in the Area 1, from Videocon Mauritius Energy Limited. Definitive agreements were signed in late June 2013. Area 1 represents the largest gas discovery in offshore East Africa with estimated recoverable reserves of 35 to 65 tcf (990 to 1,840 bcm) of gas. The partners in Area 1 include Anadarko (operator of the project), ENH (Mozambique), Mitsui (Japan), Bharat Petroleum (India), and PTTEP (Thailand).
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