New Delhi, Jan 8: State-run hydrocarbon adventurer ONGC’s foreign arm, ONGC Videsh Ltd (OVL), and Oil India (OIL) have completed the acquisition of Videocon Group’s 10 % stake in a Mozambique gas field for $2.475 billion, OIL aforesaid Wed.

OIL in a statement aforesaid the acquisition of Videocon stake in the Rovuma one gas field from Videocon Mauritius Energy limited was “in consistent to our signing of definitive agreements to accumulate this interest.”

The acquisition marks state-run OIL’s entry into the world liquefied gas (LNG) trade.

OVL has in addition bought US energy major Anadarko Petroleum’s 10 % stake in the Rovuma area one offshore block for $2.64 billion.

The 10 % stake will be split in a 60:40 ratio between OVL and OIL.

Area one covers 2.6 million acres in the deepwater Rovuma Basin and represents the largest gas discovery in offshore East Africa, with recoverable  reserves calculable at 35 to 65 trillion cubic  feet.

The partners in space one embrace Anadarko, the operator of the project, ENH (the national company of Mozambique), Mitsui, BPRL (a unit of India petroleum Corp) and Thailand’s PTT Exploration and Production.

“The space one LNG project is strategically settled to competitively provide LNG to India,” OIL else.

Stake-seller Videocon can explore alternative investment opportunities in Mozambique, company director Kuldeep Drabu aforesaid in an exceedingly statement.