ONGC, Oil India Complete Rovuma Area Acquisition (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.

Press Release, January 08, 2014

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply