ONGC's Mozambique gas field has larger reserves.

Oil and Natural Gas Corp's (ONGC) giant gas field in Mozambique holds 50 to 70 trillion cubic feet (Tcf) of recoverable reserves, 43 per cent more than the minimum estimated resources when it invested $4.12 billion.

ONGC Videsh Ltd., the overseas arm of state-owned ONGC, bought a 16 per cent stake in the offshore Rovuma Area-1 over the past one year. Oil India has a 4 per cent stake and a unit of Bharat Petroleum Corp (BPCL) owns 10 per cent in the block.

'Successful appraisal drilling activities in the Orca field increased the total estimated recoverable resources in Offshore Area-1 to a range of 50 to 70-plus Tcf of natural gas,' BPCL said in a filing to the stock exchanges quoting block operator Anadarko Petroleum Corp of US.

The resource estimation is higher than 45 to 70 Tcf range Anadarko had given in March and 35 to 65 Tcf range when OVL bought stake in the block last year.


HBL