Maputo — Videocon Industries, an Indian company which is part of a consortium exploring for hydrocarbons in the Rovuma Basin, off the coast of the northern Mozambican province of Cabo Delgado, has expressed its intention of selling in India its quota of the natural gas exploited in Mozambique.
The other members of the consortium are Anadarko (USA), Mitsui (Japan), Barat Petroleum (India). Cove Energy (India) and the National Hydrocarbon Company (Mozambique).
Videocon Industries, cited on Monday by the Indian paper "Financial Chronicle", said it will announce its plans for marketing the natural gas on 17 January.
Venugopal Dhoot, the chairperson of Videocon Industries, said "we shall bring our quota of the natural gas from this huge natural gas field to India, where it will be sold locally through long term contracts"
More details, he added, will be decided by the consortium partners on 17 January. Videocon Industry owns 10 per cent of the shares in the consortium.
In October 2011, the major shareholder, Anadarko, and the Mozambican government announced the discovery of deposits holding 10 trillion cubic feet of natural gas in the Camarao experimental well in the Rovuma Basin.
In late November, Anadarko increased its estimates of recoverable natural gas in the block it is exploring to between 15 and 30 trillion cubic feet.