OVL Closes Mozambique Buy

Monday, March 3, 2014

ONGC Videsh Ltd. (OVL) completed acquisition of a 10% stake in Mozambique’s Rovuma Area 1 for $2.64 billion. The company bought the stake from block operator Anadarko Petroleum Corp.

The block contains a massive gas field which is currently moving toward development.

OVL signed agreements to buy the 10% stake from Anadarko in August 2013. The block contains over 35 Tcf of gas reserves which are slated to be commercialized through a LNG facility planned for the East African nation.

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