Indian government-owned Oil and Natural Gas Corp (ONGC) is to buy 10 per cent stake in a gas field offshore Mozambique from Anadarko Petroleum Corp (APC) for $2.64 billion.
The purchase of the US oil company Anadarko's stake is the latest in a handful of overseas assets that ONGC Videsh, the overseas unit of ONGC, has bought in the last couple of years to boost India's energy needs.
ONGC in last June signed a deal to buy a 10 per cent stake in a Mozambique gas field from Videocon Group (VEDI) for $2.48 billion. A top executive of ONGC said that there is a lot of energy demand and whatever volumes of gas the company is able to bring to the country are of utmost significance.