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Last Updated : Mar 15, 2013 11:34 AM IST | Source: Moneycontrol.com

Videocon rallies 6% on ONGC, OIL bid for Mozambique

Shares of Videocon Industries, controlled by Indian billionaire Venugopal Dhoot, gained nearly 6 percent in early trade on Friday on agencies' reports that the state-owned oil & gas producers ONGC and Oil India have bid for a 20 percent stake in the Mozambique's Rovuma oil & gas field.

 
 
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Shares of Videocon Industries, controlled by Indian billionaire Venugopal Dhoot, gained nearly 6 percent in early trade on Friday on reports that the state-owned oil & gas producers ONGC and Oil India have bid for a 20 percent stake in the Mozambique's Rovuma oil & gas field.


Videocon and US explorer Anadarko will sell 10 percent each in Mozambique block and the bidding for the same gas block stake closed on Thursday.


Anadarko is the operator in the offshore area 1 with a 36.5 percent working interest and Videocon Industries holds 10 percent working interest.


According to a release published by the company on June 11 (2012), other co-owners were: Mitsui E&P Mozambique Area 1 holds 20 percent stake, BRPL Ventures Mozambique BV 10 percent (a subsidiary of BPCL), Cove Energy Mozambique Rovuma Offshore 8.5 percent. Meanwhile, Empresa Nacional de Hidrocarbonetos, ep's 15 percent interest is carried through the exploration phase.


Recent discoveries have made the Rovuma offshore field appealing to global majors, and boosted Mozambique's gas reserves to around 150 trillion cubic feet, enough to supply world number-one importer Japan for 35 years.


At 10:47 hours IST, shares rose 2.43 percent to Rs 204.45 on Bombay Stock Exchange. Meanwhile, BPCL gained 1.56 percent to Rs 403.30.


(With inputs from Reuters)



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First Published on Mar 15, 2013 11:34 am
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