ONGC bids for 20 per cent stake in Mozambique gas field

Sunset sea oil rigAnadarko has revealed two new gas findings have already been made in offshore Area 1 of Mozambique’s Rovuma Basin. (Image source: suwatpo)Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Ltd have made a joint bid for a 20 per cent stake in a Mozambique oil and gas field operated by Anadarko Petroleum Corporation

ONGC subsidiary, Videsh, and oil exploration and production company Oil India have bid for shares being sold by Anadarko and India’s Videocon Industries Ltd, according to the Wall Street Journal.

Italian oil and gas major Eni, has signed an agreement with state-owned China National Petroleum Corporation (CNPC) under which the oil producer would sell a 20 per cent stake in its Mozambique offshore natural gas field to CNPC for US$4.21bn.

The Prosperidade complex is expected to contain around 17 and 30-plus tcf of recoverable natural gas while the Golfinho and Atum complex is estimated to hold 15-35 tcf of recoverable natural gas resources, according to Anadarko.

Two major gas findings have already been made in offshore Area 1 of Mozambique’s Rovuma Basin, the company revealed.

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