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OIL, OVL to buy stake in Mozambique gas field for $2.47 bn
June 27, 2013June 27, 2013by In Oil & Gas

OIL, OVL to buy stake in Mozambique gas field for $2.47 bn

In Mozambique, Indian State exploration firms ONGC and Oil India (OIL) have signed a $2.48-billion deal to acquire 10 per cent stake from Videocon in a giant gas project in the African country. The acquisition deal may help ship an estimated 6 million tonne a year of liquefied natural gas (LNG) to India. ONGC Videsh (OVL), the overseas arm of the State explorer, said the deal marks its entry into a world-class project with significant upside potential, and would help it achieve long-term product