Mozambique: Videocon sells Area 1 stake

Issue 258 - 12 Jul 2013 | 1 minute read
India’s state-owned ONGC Videsh Ltd (OVL) and Oil India have signed an agreement worth $2.47bn with Videocon Industries to acquire its 10% stake in Anadarko’s Rovuma Basin Area 1. Under the agreement, signed in Singapore on 25 June, OVL and Oil India have formed a 60/40 joint venture through which they will contribute to the costs of field development and a liquefied natural gas (LNG) facility. The deal requires the approval of the Mozambican and Indian governments and is expected to reach financial close during Q4 2013. Videocon, a conglomerate controlled by Indian tycoon Venugopal Dhoot, paid $75m for the Rovuma stake in 2008, before giant gas finds caused its value to soar.

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