Petroleum Africa
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Friday, June 28, 2013
India’s state-run firms ONGC and OIL will be joining the successful partners on Mozambique’s Rovuma Offshore Area 1. The two firms have reportedly signed a $2.48 billion deal to acquire a 10% stake from fellow Indian firm Videocon.
”Considering the growing importance of natural gas in the primary energy basket, this acquisition is a significant step by OVL/ONGC group towards the energy security of our country,” said OVL Chairman Sudhir Vasudeva in an Economic Times article.
OIL officials said gas from the project would be shipped to India.
“Gas production from the Rovuma basin should commence by 2018 with an initial production of 10 million tons per annum, which will go up to around 30 mtpa by 2024. So, with our 10% stake now and Bharat Petroleum’s 10% stake in the basin, we can easily ship close to 6 mtpa to India,” said OIL CFO T Ananth Kumar.
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