ONGC, Oil India Agree to $2.5 Billion Mozambique Field Stake
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Oil & Natural Gas Corp. and Oil India Ltd., India’s biggest state-run explorers, will pay $2.5 billion to buy a stake in a Mozambique natural gas field from Videocon Industries Ltd.
The two Indian companies will buy Videocon Mozambique Rovuma 1 Ltd., which owns 10 percent of the Rovuma-1 field in the waters off the African nation, Oil India said today in a stock exchange filing. The transaction, expected to close in the last quarter of 2013, was first announced by ONGC on June 10 and withdrawn the same day for being “premature.”