Indian company plans to sell natural gas extracted in Mozambique in India

3 January 2012

Mumbai, India, 3 Jan – Indian company Videocon Industries plans to sell in India its 10 percent share of natural gas to be extracted in Mozambique’s Rovuma basin in a block operated by US group Anadarko Petroleum, the company’s chairman said.

Plans to sell the natural gas are expected to be made public on 17 January, and Bharat Petro Resources, a 100 percent-owned subsidiary of Indian group Bharat Petroleum Corporation Limited (BPCL), owns another 10 percent of the same block.

Venugopal Dhoot, chairman of Videocon Industries, said, according to Indian newspaper the Business Standard, which the company plans to transport the gas to sell it in India as part of long term contracts.

The block is operated by Anadarko Petroleum, which ahs a 36.5 percent stake, and the other partners are the UK’s Cove Energy, with 8.5 percent, and Japan’s Mitsui E&P Mozambique, with 20 percent, whilst the remaining 15 percent is in the hands of Mozambican state company Empresa Nacional de Hidrocarbonetos (ENH). (macauhub)