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ONGC Videsh Ltd (OVL), the subsidiary of ONGC, said it has completed the acquisition of 10 per cent participating interest in the Rovuma Area 1 offshore in Mozambique.
On August 24, 2013, OVL had signed definitive agreements with Anadarko to acquire this stake. The asset has estimated recoverable resources of 45-70 trillion cubic feet of gas.
“Acquisition of an additional 10 per cent interest in Area 1 follows our earlier announcement of completion of a joint acquisition, with Oil India, of an indirect 10 per cent interest in Area 1, from Videocon Mauritius Energy,” OVL said in a statement.
BPRL Ventures Mozambique (BPRL), another Indian public sector company, already holds 10 per cent interest in the same acreage.
According to OVL, Area 1 covers nearly 2.6 million acres in the deep-water Rovuma Basin, offshore Mozambique, and represents the largest natural gas discoveries in offshore East Africa.
The partners in Area 1 include Anadarko (operator of the project), ENH (the National Oil Company of Mozambique), Mitsui, BPRL, BREML and PTTEP.
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