Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

ONGC Said to Plan $2.6 Billion Purchase of Anadarko Gas Stake

ONGC Said to Plan $2.6 Billion Purchase of Anadarko Gas Stake
Contractors work on the hull of Anadarko Petroleum Corp.'s Lucius truss spar at the Kiewit Offshore Services facility in Ingleside, Texas. Photographer: Eddie Seal/Bloomberg

Oil & Natural Gas Corp., India’s biggest energy explorer, plans to pay about $2.6 billion to buy Anadarko Petroleum Corp.’s stake in a Mozambique gas field, two people with direct knowledge of the matter said.

ONGC may announce the purchase of Anadarko’s 10 percent holding in the offshore block as soon as today, the people said, asking not to be identified before a formal announcement.

The New Delhi-based company plans to spend 11 trillion rupees ($172 billion) by 2030 to add reserves in India and overseas and reverse a decline in output from aging fields at home. In June, ONGC and Oil India Ltd. said they would pay $2.5 billion to buy a stake in the Rovuma-1 Mozambique natural gas field from Videocon Industries Ltd.

ONGC rose 2.6 percent to close at 276.70 rupees in Mumbai on Aug. 23, bringing gains this year to 3.3 percent. Anadarko shares have advanced 21 percent in 2013.

ONGC Chairman Sudhir Vasudeva declined to comment. A call made to Anadarko spokesman John Christiansen’s mobile phone outside of regular business hours went unanswered.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.