Oil & Natural Gas Corporation Ltd.

State owned Oil & Natural Gas Corporation (ONGC)’s overseas investment arm, ONGC Videsh along with Oil India reportedly have bid to acquire 20% stake in a Mozambique oil and gas field, being offered by U.S. explorer Anadarko Petroleum Corp  and Videocon Group.

Anadarko, the project developer at the Mozambique block, is planning to put on block 10% stake in block-1 of the Rovuma offshore field, for raising additional funds for the project, while Videocon too is offloading its 10% stake. Post to the sale, Anadarko stake will be reduced to 26.5%.

Further, early this year, Anadarko announced recoverable gas in the range of 35 trillion cubic feet (tcf) to 65tcf from the basin. The operator has already formed marketing teams, for holding discussion with companies in Japan, South Korea, Taiwan and India to sell gas from the basin.