ONGC, Oil India 'make Mozambique move'

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News Wires

 14 March 2013 13:55 GMT

India's Oil & Natural Gas Corp (ONGC) and Oil India have made an initial bid for a 20% stake in gas-rich block Area 1 off Mozambique, a report has claimed.

The two have submitted a joint bid for a 20% stake in Area 1 in the Rovuma basin, encompasing some of US independent Anadarko's holding and all of that held by Indian company Videocon, Reuters reported.

The news wire cited an unidentified source who is directly involved in the matter as making the claim.

Videocon, controlled by Indian billionaire Venugopal Dhoot, and Anadarko recently began an auction process for a combined 20% in the gas play which sources have said is worth more than $4.4 billion.

Videocon is looking to sell off its entire…

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