Videocon Industries on Monday announced that a significant amount of natural gas has been discovered in offshore Rovumal block, Mozambique.
The company through Videocon Hydrocarbon, a wholly owned subsidiary has 10 per cent interest in the offshore area-1, which is a part of the block.
The Videocon stock was trading up 2.37 per cent at Rs 218.20 on the BSE at 11.10 a.m.
A BSE statement said that the accumulation was fully contained within the offshore area-1 of the Rovumal. The Orca- 1 discovery well encountered approximately 58 metres of natural gas. The well was drilled to a total depth of approximately 4,996 metres, in water depths of approximately 1,061 metres.
Pradeep N. Dhoot, Dubai-based Director of Global E&P Business of Videocon Hydrocarbon, said the success of the exploration well ‘Orca’ in the Rovumal Basin, has further added to the vast hydrocarbon resources already established in the said block”.