ONGC, Oil India May Bid for Mozambique Gas Field Stake

State-owned Oil and Natural Gas Corp's overseas arm and Oil India Ltd are considering a joint bid for a 20 per cent stake in a Mozambique gas field, two sources familiar with the matter told Reuters.

US oil and gas explorer Anadarko Petroleum Corp and Indian billionaire Venugopal Dhoot have launched the auction of a 20 per cent stake in Mozambique's Rovuma gas field that could fetch $4.5 billion, sources familiar with the matter told Reuters.

Anadarko is the operator of Mozambique's offshore Area 1 with a 36.5 percent interest, while Japan's Mitsui & Co Ltd is the second-biggest holder in the block with a 20 percent stake.

India's state-owned refiner Bharat Petroleum Corp Ltd and a unit of Dhoot's Videocon Industries own 10 percent each, while PTT has an 8.5 percent interest and Mozambique's state-owned ENH 15 percent.