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ONGC bids for 20% stake in Rovuma field

ONGC bids for 20% stake in Rovuma field

Media reports indicate that the public sector energy explorer ONGC (ONGC) has bid for a 20 percent stake in the Rovuma offshore field at Mozambique jointly with Oil India (OIL). US explorer Anadarko Petroleum Corp and Videocon Group, who are the owners of the field, are in the process of divesting their stake.

Anadarko wants to reduce its holding in block 1 of the Rovuma offshore field to 26.5 percent in order to share the cost of developing the project. Videocon, controlled by Indian billionaire Venugopal Dhoot, is also looking to sell its 10 percent stake.

Meanwhile, it is learnt that ONGC wants to rope in a contractor for revamp projects in some of its oil and gas assets in India.

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