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A joint venture company of ONGC Videsh (OVL) and Oil India (OIL) decided to acquire 10 percent stake of Videocon Mauritius Energy in Videocon Mozambique Rovuma 1 gas field for $2.475 billion.
In the newly incorporated joint venture company, OVL holds 60 percent stake, while OIL has the remaining 40 percent.
The governments of Mozambique and India need to give approval for the stake acquisition deal to go through. Besides, the deal is subject to relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is expected to close in fourth quarter of 2013.
The deep-water Rovuma Basin is the largest gas discovery offshore East Africa and Area 1 of the Mozambique field covers about 2.6 million acre in the basin. Area 1 is estimated to hold 35 to 65 trillion cubic feet (tcf) of recoverable gas resources.
The deal is part of OVL's efforts to ramp up its portfolio of oil and gas projects across different parts of the world. Last year, it bought ConocoPhillips’ 8.4 percent stake in a Kazakhstan oil field for $5 billion.
In 2009, it bought Imperial Energy Corporation, a UK-based company that had exploration and production assets in the western Siberia for $2.1 billion.