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    Oil India Intends to Buy Cove Energy

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Summary

Oil India Ltd. is considering a possible purchase of Cove Energy, which has assets in east Africa,

by: Shardul

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Asia/Oceania

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Oil India Intends to Buy Cove Energy

Oil India Ltd. is considering a possible purchase of Cove Energy, which has assets in east Africa, Bloomberg reported Thursday.

Cove holds an 8.5 percent stake in the Rovuma Area 1 off Mozambique, which is operated by Anadarko Petroleum Corp., and has India’s Bharat Petroleum Corp. and Videocon Industries Ltd. as partners.

The partners have found 15 trillion to 30 trillion cubic feet of recoverable gas, enough to support the setting up of a liquefied natural gas production facility.

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