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OVL to pay $1.5 billion for Mozambique gas field

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  • Published On: June 25, 2013
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OVL and Oil India have announced an agreement to buy Videocon's stake in the Mozambique gas field for $2.475 billion. SP Garg, director of finance at ONGC Videsh, tells he will be paying roughly $ 1.5 billion for the company's 40 per cent share in the agreement. However, he clarifies that OVL will be a non-operative partner while Anandarko will be an operating partner for the gas field.
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