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HindustanTimes Wed,23 Apr 2014

OVL-OIL to buy Videocon stake in Mozambique field for $2.5 bn

PTI  New Delhi, June 25, 2013
First Published: 16:19 IST(25/6/2013) | Last Updated: 16:25 IST(25/6/2013)

In the third acquisition in 10 months, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) will buy Videocon Industries' 10% stake in a giant Mozambique gas field for about $2.5 billion.

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The acquisition of the stake in Mozambique's offshore Area 1, which may hold as much as 65 Trillion cubic feet (Tcf) of gas resources, will be done through a joint venture of OVL and OIL, the two firms announced.

OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) will hold 60 percent stake in the joint venture while OIL will have the remaining 40%.

OVL and OIL have signed a definitive agreement with Videocon Mauritius Energy Ltd to acquire 100% of (its) shares in Videocon Mozambique Rovuma 1 Ltd for $2475 million, the statements said.

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