Videocon and Bharat Petroleum buy 10 % each in Mozambique oil block
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.
