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.
