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Wednesday, November 25, 2015
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; later OVL bought an additional 10% stake from Anadarko Petroleum in the block. The two purchases came to a total of $5.115 billion. The 10% stake of the Videocon stake purchased by OVL and OIL together is currently split at a 6:4 ratio, which results in a total payout for OVL for the back-to-back acquisitions is $4.125billion.
The project is expected to have a capacity to produce 20million tons of LNG annually, making it one of the largest in the world.
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