US oil company Anadarko Petroleum Corp is to sell a 10 per cent stake in a Mozambique gas field offshore to a unit of Oil & Natural Gas Corp (ONGC) for $2.64 billion. aNADARKO wanted to focus more on its domestic assets.
By the end of this year, the deal for the Mozambique's offshore Area 1 is expected to close, the US company said.
ONGC has been buying interests in foreign assets as it faces diminishing supplies from its aging oil and gas fields in India. Its overseas unit, ONGC Videsh recently paid $2.48 billion for a 10 per cent stake in another Mozambique gas field from Videocon Group.
Whereas Anadarko also said it will remain the operator of Area 1 with a working interest of 26.5 per cent in the block, which is located in Mozambique's deepwater Rovuma Basin.