The government of Mozambique agreed to offer cost-recovery rights to production and development of the gas field and the LNG terminal by ONGC Videsh Ltd (OVL), according to a Financial Express report. OVL and Oil India Ltd. (OIL) joined forces to buy out Videocon’s stake in Offshore Area 1 in the Rovuma Basin of Mozambique; […]

Independent Resources, in its inaugural Q3 report, issued an update on its operations in Egypt. During Q3 the company entered into a JV with Nostra Terra Oil & Gas which led to the acquisition of a stake in the East Ghazalat concession in Egypt’s Western Desert. The initial acquisition through the JV was a 50% […]

The potential of the Mediterranean continues to attract attention and interest with E&P firms following the big discoveries offshore Cyprus, Egypt, and Israel. The latest deal in the Mediterranean has BG joining Noble Energy offshore Cyprus. Noble entered into a farm-out agreement for a portion of its interest in Block 12 offshore Cyprus with BG. […]