These include the PTTEP Australasia project and Mozambique Rovuma
Offshore Area 1, where a final investment decision is under consideration.
Eni's Coral South project is the first in its development of the 16 Tcf field discovered by Eni in Area 4 of the Rovuma
Basin in 2012.
ONGC Videsh Limited, the overseas arm of ONGC, Oil and a unit of BPCL together hold 30- per cent interest in Rovuma
Area- 1, which is estimated to hold recoverable gas reserves of 75 trillion cubic feet.
72 per cent interest in the Guneshli Fields of Azerbaijan an additional 12 per cent stake in a deep-water block in Brazil and a six per cent interest in the Rovuma
Area1 Offshore Block in Mozambique from Videocon in January.
Setting aside earlier discoveries in the south of the country, the official figure for reserves in the Rovuma
Basin now stands at 170 trillion cubic feet, which ranks among the 10 biggest national natural gas reserves in the world.
Banking investment was driven by three major agreements in the energy sector surrounding the discovery of giant offshore gas fields in the Rovuma
On June 25, ONGC and Oil India had signed a definitive agreement with the Videocon group to acquire a 10% stake in the Rovuma
Area-1 offshore block for $2,475 million.
9bn) for a 10% participating interest in the Rovuma
Area 1 Offshore Block in Mozambique.
USPRwire, Thu Aug 08 2013] ONGC Videsh Limited (OVL) and Oil India Limited (OIL) have signed a definitive agreement to acquire Videocon Mozambique Rovuma
1 Limited (Videocon Mozambique) from Videocon Hydrocarbon Holdings Limited (Videocon Hydrocarbon) for a purchase consideration of US$2.
Mozambique's oil and gas sector is expected to experience substantial development following the recent discoveries of important gas reserves in the Rovuma
basin, near the border with Tanzania.
The OIL company announced that its subsidiary, ONGC Videsh Ltd (OVL) and OIL have signed agreements to acquire 10 percent participating interest in Rovuma
Area 1 offshore block in Mozambique for USD 2.
The off-shore Rovuma
field is believed to hold enough gas to supply Germany, Britain, France and Italy for 15 years, and mining giants Vale and Rio Tinto have invested nearly $10 billion in mines in Tete province, home to some of the world's largest untapped coal deposits.