Regions

ONGC, an Indian state company withdrew its previously issued statement last Monday. This was regarding the signed deal to have taken place between the company and Oil India Ltd. The said agreement indicated buying 10% stake in a gas field in Mozambique owned by the Videocon Group for US$2.48 billion.

The oil firm did not give any reason behind the withdrawal. However, a company source stated that a premature announcement regarding the deal had been announced accidentally.

The formal announcement of the deal was said to be made in a couple of days. Two sources gave statements saying that the deal was still being discussed.

Separately, another source having direct knowledge of the matter said that the two Indian state energy firms made another takeover bid. The said deal was the acquisition of 10% stake in the Rovuma offshore field. This is run by US based Anadarko Petroleum Corp that has a 36.5% stake in the field

In a released statement, ONGC expressed its regrets in the inadvertently issued announcement of the acquisition of Rovuma Area 1 Offshore Block in Mozambique.