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Videocon Industries’ arm divests Mozambique Offshore Asset

25 Jun 2013 Evaluate

Videocon Industries’ wholly owned Mauritius based subsidiary Videocon Mauritius Energy  (VMEL) has on 25th June 2013 executed at Singaporea Share Sale & Purchase Agreement (SSPA) with ONGC Videsh (OVL) and Oil India (OIL) for sale of its 100% stake in Videocon Mozambique Rovuma 1 (VMRL) for a consideration of $2.475 billion.

VMRL holds 10% participating interest in the Offshore Area 1 in Rovuma Basin in Mozambique (the Offshore Area 1), which recently has had series of sizeable natural gas discoveries.

Anadarko Mozambique Area 1 Limitada is the operator in the Offshore Area 1 with a 36.5-percent working interest and other co-owners include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent) and PTT Exploration and Production Plc. (8.5 percent). Empresa Nacional de Hidrocarbonetos, ep's 15-percent interest is carried through the exploration phase.

Videocon Inds. Share Price

7.25 0.00 (0.00%)
15-Jun-2021 18:01 View Price Chart
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