ONGC Videsh acquires participating interest in Mozambique offshore gas field

Mar 03, 2014 12:00 AM

ONGC Videsh Limited, a wholly-owned subsidiary of Oil and Natural gas Corporation limited, announced Feb. 28 it had completed its acquisition of 10 percent participating interest in an offshore natural gas field in Mozambique.

OVL originally signed definitive agreements with Anadarko Mozambique to acquire the interest in the Rovuma Area 1 offshore Block in August 2013.

OVL purchased the interest in the area for an estimated $2.64 billion.

Area 1, which stretched about 2.6 million acres in the Rovuma Basin, is estimated to hold recoverable resources of as much as 70 trillion cubic feet of gas. Anadarko, ENH (the National Oil Company of Mozambique) and Mitsui are among the partners in Area 1, OVL said in a statement.

Area 1 of the large offshore gas field has a potential to become one the largest liquefied natural gas producing hubs in the world, OVL said. It is located in a prime position to supply gas to India, where gas demands are growing.

"The acquisition marks OVL's entry into this emerging world-class offshore natural gas basin with significant future upside potential. Area 1 has the potential to become one of the world's largest LNG producing hubs and is strategically located to supply LNG to the growing Indian gas market," OVL said in a company statement.

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