ONGC-OIL pay $2.5 bn to Videocon for 10% in Mozambique gas field.

State-owned Oil and Natural Gas Corporation and Oil India Ltd. recently paid $2.475 billion to Videocon Group for acquiring 10 per cent stake in a giant gas field off Mozambique.

ONGC Videsh Ltd. (OVL), the overseas arm of ONGC, and OIL had jointly bought Videocon Group's 10 per cent interest in the Rovuma Area-1 for $2.475 billion.

Additionally, OVL has bought US energy major Anadarko Petroleum's 10 per cent stake in the same block for $2.64 billion.

'The payments to Videocon were made recently,' said a source with direct knowledge of the development, adding that 'payments to Anadarko will be made before February-end'.

HBL