India's largest and oldest oil exploration company, Oil India Ltd., and Oil & Natural Gas Corp. struck a $2.5 billion deal with Mozambique's Videocon Industries Ltd. to acquire 10% in the Rovuma-1 field of the African nation's waters. Both Indian companies will purchase Videocon Mozambique Rovuma 1 Ltd. of MVI Ltd, said ONGC in a statement thru electronic mail.

ONGC is looking to increase its production outside India. This comes after the company's $8.5 billion gain from overseas acquisitions.  The company is going for more than sixfold in gains by 2030.

India is seeing a decrease in output due to aging oil fields. ONGC said that they are looking to remedy the problem by increasing the country's reserves and reverse the decline.

ONGC will acquire 60 percent of the venture while Oil India holds the remaining 40 percent, according to the statement.  Both governments of India and Mozambique will regulate the acquisition.