The Indian state owned hydrocarbon companies ONGC and Oil India have agreed to jointly buy a ten per cent stake in Offshore Area 1 in the Rovuma Basin in northern Mozambique from Videocon for $2.475 billion.
Offshore Area 1 covers 2.6 million acres off the coast of Cabo Delgado province, where the Texas based company Anadarko is the operator. It has already found between 35 and 65 trillion cubic feet of recoverable natural gas.
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