New Delhi/Hong Kong: Oil & Natural Gas Corp. (ONGC), India’s biggest energy explorer, plans to pay about $2.6 billion to buy Anadarko Petroleum Corp.’s stake in a Mozambique gas field, two people with direct knowledge of the matter said.
ONGC may announce the purchase of Anadarko’s 10% holding in the offshore block as soon as Monday, the people said, asking not to be identified before a formal announcement.
The New Delhi-based company plans to spend Rs.11 trillion ($174 billion) by 2030 to add reserves in India and overseas and reverse a decline in output from aging fields at home. In June, ONGC and Oil India Ltd. said they would pay $2.5 billion to buy a stake in the Rovuma-1 Mozambique natural gas field from Videocon Industries Ltd.
ONGC rose 2.6% to close at Rs.276.70 in Mumbai on 23 August, bringing gains this year to 3.3%. Anadarko shares have advanced 21% in 2013.