Videocon Industries has announced that a significant amount of natural gas has been discovered in the offshore area-1 of the Rovuma basin in Mozambique.
The company, through Videocon Hydrocarbon, a wholly-owned subsidiary, has 10 per cent interest in the offshore area-1.
BPCL subsidiary
BPRL Mozambique, a subsidiary of Bharat Petroleum Corporation, also holds 10 per cent stake in the area.
US energy giant Anadarko Petroleum Corp is the operator of the area with 36.5 per cent stake.
A BSE statement said that the gas accumulation was fully contained within the offshore area-1. The discovery well Orca-1, 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 Rovuma basin, has further added to the vast hydrocarbon resources already established in the block.
An energy analyst with a financial institution said that the since the appraisal of the area-1 for the exact volume of gas is yet to be carried out, “It would be difficult to comment on the latest discovery.”