ONGC & OIL place joint bid for stake in Mozambique oil & gas block

ONGC & OIL place joint bid for stake in Mozambique oil & gas block

India's Oil & Natural Gas Corp. (ONGC) and Oil India Ltd. (OIL) have reportedly placed a joint bid to acquire a 20 per cent stake in the Rovuma-1 offshore oil & gas block in Mozambique.

Requesting anonymity, a person familiar with the development said that ONGC Videsh Ltd. (a wholly-owned arm of government-owned ONGC) and OIL have bid for the stake being sold by Anadarko Petroleum Corp. and Videocon Industries Ltd.

According to the person, each of Anadarko Petroleum Corp. and Videocon Industries Ltd. is offloading 10 per cent stake in the Rovuma-1 offshore block.

However, the person neither revealed financial details of the joint bid not said when the bid would be considered.

Videocon, electronics manufacturer and mobile-phone services provider had acquired a stake in the block for $75 million in the year 2008.

OIL and Videocon could not be immediately contacted for comment on the report, while ONGC Videsh declined to comment.

Indian companies are moving their focus to oil & gas reserves overseas amid a considerable shortfall in production from domestic assets. India imports more than 75 per cent of its energy requirements.

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