India and Mozambique aim to accelerate exploration of natural gas deposits

19 October 2017

India and Mozambique agreed to explore natural gas deposits in the northern Rovuma basin as quickly as possible at a meeting in Maputo between India’s Oil Minister and the Mozambican Minister for Natural Resources, the Press Trust of India reported.

In a message posted on Twitter, Indian Minister Dharmendra Pradhan, who travelled to Mozambique to attend an international conference on natural gas, said he met with Minister Leticia Klemens, and both agreed on the need to accelerate exploration of resources where Indian companies have already invested about US$6.5 billion.

ONGC Videsh Ltd (OVL), the subsidiary of the Oil and Natural Gas Corp (ONGC) for foreign business, holds a 16% stake in the Area 1 block operated by US group Anadarko Petroleum (26.5%), the Oil India Ltd group controls 4.0% and a subsidiary of the Bharat Petroleum Corp Ltd (BPCL) group holds 10%.

The Area 1 block covers an area of 10,000 square kilometres and the prospection completed on 31 January 2015 resulted in five discoveries with recoverable natural gas deposits of around 60 trillion cubic feet. (macauhub)