Videocon, BPCL buy stake in Mozambique oil block

Videocon, BPCL buy stake in Mozambique oil block
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First Published: Wed, Aug 27 2008. 02 41 PM IST
Updated: Wed, Aug 27 2008. 02 41 PM IST
PTI
New Delhi: Videocon Industries and Bharat Petroleum Corporation Limited (BPCL) have taken a 10% stake each in an offshore oil exploration block in Mozambique.
“Videocon Energy Ventures Ltd, the overseas arm of Videocon Industries, and Bharat PetroResources Ltd, a unit of BPCL, have signed separate agreements with Anadarko Mozambique Ltd for taking 10 per cent stake participating interest in Offshore Area-1,” Videocon said in a statement.
Anadarko has 36.8% stake in the exploration block, while Emperessa Nacional de Hidrocarbonetos (ENH), a state-owned of Mozambique has 15% stake. Artumas of Mozambique has 8.5% and the remaining 20% is with UK-based Mitsui E&P.
Videocon said its capital outlay for the transaction was estimated at $75 million. The two companies signed agreements for taking the stake on 26 August.
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First Published: Wed, Aug 27 2008. 02 41 PM IST