Mozambique: Indian group acquires stake in Mozambican oil bloc

28 August 2008

Bombay, India, 28 Aug – Indian group Videocon Industries said Wednesday in Bombay that its subsidiary Videocon Energy Ventures had acquired a 10 percent stake of Area 1 bloc in Mozambique’s offshore area from the Mozambican subsidiary of Andarko Petroleum Corp.

The group said it had paid US$75 million for the stake in the bloc, which is located in the Rovuma basin, in northern Mozambique next to the Tanzanian border.

Anadarko Petroleum Corp. signed a similar deal with BPRL Ventures Mozambique, a subsidiary of Indian group Bharat Petroleum Corp.

Andarko now has a 36.8 percent stake in teh blooc, whilst Mozambican state company, Empresa Nacional de Hidrocarbonetos (ENH) has 15 percent, Artumas has 8.5 percent, Japanese group Mitsui has 20 percent and BPRL and Videocon have 10 percent each. (macauhub)