Videocon Intends to Sell Mozambique Gas in India

Videocon Industries has expressed its intention of selling in India its quota of the natural gas exploited in Mozambique.

Videocon is part of a consortium exploring for hydrocarbons in the Rovuma Basin, off the coast of the northern Mozambican province of Cabo Delgado.

The other members of the consortium are Anadarko, Mitsui, Bharat Petroleum, Cove Energy and the National Hydrocarbon Company.

The company intends to announce the marketing plans on Jan 17.

Natural gas transported to India will be sold locally through long term contracts.

In October last year, the major shareholder, Anadarko, and the Mozambican government announced the discovery of deposits holding 10 trillion cubic feet of natural gas in the Camarao experimental well in the Rovuma Basin.

In late November, Anadarko increased its estimates of recoverable natural gas in the block to between 15 and 30 trillion cubic feet.