ONGC buys 10 pc stake in Anadarko’s gas field offshore Mozambique

4:57 AM, 26th August 2013

THE WOODLANDS, US: Anadarko Petroleum Corp said it agreed to sell a 10 per cent stake in a gas field offshore Mozambique to a unit of Oil & Natural Gas Corp (ONGC) for $2.64 billion in cash, as the US oil company looks to focus more on its domestic assets. The deal for Mozambique’s offshore Area 1 is expected to close around the end of 2013.

ONGC faces diminishing supplies from its aging oil and gas fields in India and has been buying interests in overseas assets. Anadarko also said it will remain the operator of Area 1 with a working interest of 26.5 per cent in the block, which is located in Mozambique’s deepwater Rovuma Basin. The Rovuma field has the potential to become one of the world’s largest liquefied natural gas (LNG) producing hubs by 2018, and is strategically located to supply gas to India at competitive prices.

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