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 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 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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