27-08-08 Diversified group Videocon Industries and Bharat Petroleum have taken a 10 % stake each in an offshore oil exploration block in Mozambique.
Videocon Energy Ventures, the overseas arm of Videocon Industries, and Bharat PetroResources, a unit of BPCL, signed separate agreements with Anadarko Mozambique for taking 10 % participating interest each in Offshore Area-1 of the Rovuma block, the companies said. The acquisition of the 10 % stake would cost Videocon and Bharat Petroleum an estimated $ 75 mm each, the release said.

Anadarko will have a 36.8 % interest in the block, Empressa Nacional de Hidrocarbonetos will have 15 % interest, Artumas will have an 8.5 % interest, UK-based Mitsui E&P will have 20 % interest while BPRL and Videocon will have a 10 % interest each in the block.
The closing of the transaction under the agreement is subject to normal conditions precedent in these kind of transactions, including consent and waiver of first right of refusal by existing participating parties and subject to regulatory approvals, Videocon said.