OIL, ONGC Seal Mozambique Gas Field Deal for US$2.5 bn

摘要

Oil India Ltd (OIL) on July 26th told the media it planned to raise US$800-900 million in foreign debt to finance its share in the USS2.5 billion acquisition of a stake in the Mozambique gas field. It is partnering with Oil and Natural Gas Corp. (ONGC) in the much awaited deal. ONGC and OIL earlier had announced that they would buy Videocon Industries' 10 percent stake in a supergiant Mozambique gas field for US$2.5 billion. Earlier, in March, just hours before the deadline for non-binding bids for Videocon's 10% stake in Rovuma were to be submitted. China's largest oil producer, China National Petroleum Corporation (CNPC), picked up an indirect yet highly strategic 20% economic interest in the adjoining block that is manned by Italy's ENI SpA. Thus, in one sweep, CNPC claimed, it got access to close to 75 tcf of gas, or more than Norway's existing reserves.