- RIOC’s CEO Shelton Haynes Says Roosevelt Island Boasts a Model Public Safety Department
- Investor Dan Calugar Discusses Whether the Emergence of Quantum Computing in Algorithmic Trading Is a Game-Changer for Financial Markets
- Meet Grant Conner: The Eco-Friendly Gold Supplier Revolutionizing the Jewelry Industry
ONGC Videsh and Oil India complete $2.475B stake buy in Videocon's gas field in Mozambique
ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) said today that they have completed the acquisition of a 10% stake in a gas field in Mozambique. The said stake was previously held by Videocon Group. The transaction is valued at $2.475 billion, according to Firstpost.
OVL is the overseas arm of state-owned exploration firm Oil & Natural Gas Corp (ONGC). The former inked an agreement with OIL in June 2013 to purchase Videocon's interest in the Rovuma Area 1 in Mozambique. The two companies released separate statements saying payments to close the transaction were made yesterday. the report detailed.
The newly purchased 10% stake will be divided in a 60:40 ratio between the two buyers, the report added.
OVL said in a statement: "This marks OVL's entry into this emerging world-class offshore gas basin with significant future upside potential. Area 1 has the potential to become one of the world's largest LNG producing hubs and is strategically located to supply LNG to the growing Indian gas market."
Join the Conversation