India's Videocon May Revive Plans to Sell its Overseas Oil, Gas Assets

India’s Videocon Group is likely to revive plans to sell its overseas oil and gas assets as oil prices again rule over $50 per barrel.

“The group is repaying all its loans in time. With oil prices peaking again, we are now reviving plans to sell off our oil and gas assets,” group chairman Venugopal Dhoot told Business Standard, a financial daily, on Friday.

Videocon has eight oil & gas assets in Brazil, Indonesia and East Timor. In June 2013, Videocon sold its 10 percent stake in Mozambique’s Area 1 for $2.5 billion to Indian state owned firms ONGC Videsh (OVL) and Oil India (OIL). Area 1 covers approximately 2.6 million acres in the deep-water Rovuma Basin and the acquisition marked entry of OVL and OIL into the largest gas discovery in offshore East Africa.

In Indonesia, Videocon acquired 12.5% stake in the Nunukan PSC in 2009 from Anadarko Indonesia. The Nunukan block is located in offshore eastern Kalimantan and is the site of the Badik oil and gas discovery.