OVL and OIL announce the completion of the transaction to acquire interest in the Rovuma Area 1 Offshore Block in Mozambique

OVL and OIL announce the completion of the transaction to acquire interest in the Rovuma Area 1 Offshore Block in Mozambique

ONGC Videsh Limited (OVL) and Oil India Limited (OIL) have completed the acquisition of 10% PI in the Rovuma Area 1 offshore Block, Mozambique by acquiring 100% shares of Videocon Mozambique Rovuma 1 Limited, the company holding the 10% PI in the Area 1 from Videocon Mauritius Energy Limited. On 25th June 2013, definitive agreements were signed with Videocon Mauritius Energy Limited to acquire this interest. The terms of the transaction remain broadly the same as per the earlier announcement.
Area 1 covers approximately 2.6 million acres in the deep-water Rovuma Basin, offshore Mozambique and represents the largest gas discovery in offshore East Africa with estimated recoverable reserves of 35 to 65 trillion cubic feet. The partners in Area 1 include Anadarko (operator of the project), ENH (the NOC of Mozambique), Mitsui, BPRL, and PTTEP.
This marks OVL’s entry into this emerging world class offshore gas basin with significant future upside potential. Area 1 has the potential to become one of the world’s largest LNG producing hubs and is strategically located to supply LNG to the growing Indian gas market.
Source: ongcvidesh.com
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