ONGC, Oil India to buy stake in Mozambique gas field

6/11/2013

ONGC, Oil India to buy stake in Mozambique gas field

BY SAURABH CHATURVEDI

NEW DELHI - ONGC and Oil India Ltd have agreed to buy a 10% stake in a Mozambique oil and gas field from a unit of Videocon Industries for $2.47 billion.

The move underscores the two state run companies' interest in buying hydrocarbon assets overseas and joins global companies in the resources rich African country with an aim to bridge a local energy deficit.

The acquisition is subject to approvals from the governments of Mozambique and India and their respective regulators, ONGC said in a news release. It expects to complete the deal by the 4Q of 2013.

Dow Jones Newswires

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