Videocon in big Mozambique gas discovery | business | Hindustan Times
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Videocon in big Mozambique gas discovery

business Updated: Jun 11, 2012 20:39 IST

State-owned Bharat Petroleum Corp Ltd (BPCL) and Videocon Industries’ Mozambique gas discoveries may hold up to 100 trillion cubic feet (tcf) of in-place reserves, the block operator said on Monday, sending its shares up 3% on the Bombay Stock Exchange.

US energy major Anadarko Petroleum Corp said the total estimated recoverable natural gas resource in Offshore Area 1 was between “30 and 60 Tcf, and the current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf”.

Bharat PetroResources, a wholly-owned subsidiary of BPCL, and Videocon Hydrocarbon Holdings, a wholly-owned subsidiary of Videocon Industries, hold 10% stake each in Area—1.

Anadarko, which holds 36.5% interest in the block, plans to put up plants to liquefy the gas.