Simmons & Simmons is acting for India’s Oil and Natural Gas Corp. Ltd. on a $2.64 billion investment in an offshore Mozambique gas field.
State-owned ONGC, the country’s largest oil exploration and production company, is buying a 10 percent stake in so-called Area 1 from Woodlands, Texas-based Anadarko Petroleum Corp. in an all-cash deal through its subsidiary, ONGC Videsh Ltd.
The offshore block is located in Mozambique’s deepwater Rovuma Basin and is estimated to hold up to 65 trillion cubic feet of recoverable natural gas. Anadarko, which has a license to operate Area 1, will retain a working interest of 26.5 percent.
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