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ONGC may buy Anadarko’s Mozambique gas stake for $2.6 bn

ONGC may announce the purchase of Anadarko’s 10% holding in the offshore block as soon as Monday
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First Published: Sun, Aug 25 2013. 07 30 PM IST
ONGC plans to spend Rs11 trillion ($174 billion) by 2030 to add reserves in India and overseas and reverse a decline in output from aging fields at home. Photo: Amit Dave/Reuters
ONGC plans to spend Rs11 trillion ($174 billion) by 2030 to add reserves in India and overseas and reverse a decline in output from aging fields at home. Photo: Amit Dave/Reuters
Updated: Mon, Aug 26 2013. 01 21 AM IST
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.
ONGC chairman Sudhir Vasudeva declined to comment. A call made to Anadarko spokesman John Christiansen’s mobile phone outside of regular business hours went unanswered. Bloomberg
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First Published: Sun, Aug 25 2013. 07 30 PM IST
More Topics: ONGC | Anadarko | Stake sale | Rovuma | Mozambique |
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