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OIL gains on completing acquisition of 100% shares in Videocon Mozambique Rovuma 1

Oil India Ltd. | Oil Exploration | Oil & Gas | BSE: 533106 | NSE: OIL

08 Jan 2014 Evaluate

Oil India is currently trading at Rs. 468.00, up by 2.80 points or 0.60% from its previous closing of Rs. 465.20 on the BSE.

The scrip opened at Rs. 466.25 and has touched a high and low of Rs. 468.85 and Rs. 466.10 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 629.70 on 31-May-2013 and a 52 week low of Rs. 415.00 on 29-Aug-2013.

Last one week high and low of the scrip stood at Rs. 488.90 and Rs. 460.00 respectively. The current market cap of the company is Rs. 28,100.00 crore.

The promoters holding in the company stood at 68.43% while Institutions and Non-Institutions held 16.81% and 14.76% respectively.

Oil India (OIL), along with ONGC Videsh (OVL), has completed the acquisition of 100% shares in Videocon Mozambique Rovuma 1 from Videocon Mauritius Energy. Videocon Mozambique Rovuma 1 holds a 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique. The company had earlier on June 25, 2013 inked a definitive agreement to acquire this field. This acquisition marks OIL’s entry into the global LNG industry.

Area 1 covers approximately 2.6 million acres in the deepwater Rovuma Basin offshore Mozambique and represents the largest gas discovery offshore East Africa with estimated recoverable resources of between 35 and 65 TCF as per operator's estimates. Partners in Area 1 include Anadarko, operator of the project, ENH, Mitsui, BPRL and PTTEP. Area 1 has the potential to become one of the world's largest LNG producing hubs with first LNG expected in 2018.

The Area 1 LNG project is strategically located to competitively supply LNG to India, and OIL’s and OVL’s participation in the project will facilitate access to the growing Indian gas market which will supplement the country’s energy security endeavour. OIL and OVL will also devote significant financial and technical resources to the development of the project.

Oil India Share Price

470.10 7.80 (1.69%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	283.95
Oil India	470.10
Jindal Drilling&Inds	540.15
Deep Industries	476.90
Asian Energy Service	306.05
View more..

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OIL gains on completing acquisition of 100% shares in Videocon Mozambique Rovuma 1

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