Petroleum Africa
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Monday, June 10, 2013
ONGC, the state-run company of India, may move forward on an acquisition in Mozambique sans Oil India Ltd. (OIL). The company told Hindustan Times that it may go forward on its own to buy two 10% stakes in the Area 1 block of the Rovuma basin. The two 10% stakes for sale belong to Anadarko Petroleum and Videocon.
It was reported previously that ONGC and OIL were joining together to acquire the stakes that could cost between $5 billion and $6 billion.
ONGC also said that the rumors that it was in talks to submit a bid with Shell India were false and it did not need a foreign partner to acquire the stakes.
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