ONGC, Oil India to Buy Stake in Mozambique Gas Field

ONGC, Oil India to Buy Stake in Mozambique Gas Field

NEW DELHI - India's state-run Oil & Natural Gas Corp. (ONGC) and Oil India Ltd. have agreed to buy a 10% stake in a Mozambique oil and gas field from a unit of Videocon Industries Ltd. for $2.47 billion.

The move underscores the two state-run companies' interest in buying hydrocarbon assets overseas and join global companies in the resources rich African country with an aim to bridge a local energy deficit.

The acquisition is subject to approvals from the governments of Mozambique and India and their respective regulators, ONGC said in a news release. It expects to complete the deal by the fourth quarter of 2013.

Copyright (c) 2012 Dow Jones & Company, Inc.

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