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Saturday, June 8, 2013
Mozambique’s ENH is contemplating the sale of its stake in the Rovuma basin. The stake is valued at about $2 billion, which could go towards bolstering public finances.
More than one Indian firm is reportedly interested in picking up the stake, including ONGC and OIL. The two firms have joined forces and are said to be the top bidders for a 20% stake being offered by Anadarko and its partner Videocom Industries in Offshore Area 1, although talks between the parties is at somewhat of an impasse. If talks for the Anadarko/Videocon stake does not pan out, the two Indian firms may make a move on ENH’s stake.
Besides ENH’s stake in the Anadarko operated block, the state-run firm also holds a 10% stake in ENI’s Area 4 where other substantial discoveries have been made.
In addition to the need to bolster public finances, the ENH sale would keep the state-run firm from having to make the substantial investment needed to progress monetization of the resources discovered to date.
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