India, Mozambique to Deepen Energy Cooperation

India and Mozambique have agreed to deepen cooperation in the field of oil and gas.

Indian Petroleum and Natural Gas Minister Dharmendra Pradhan visited Mozambique 9 to 10 April 2015 and met with Mozambique Mineral Resources and Energy Minister Pedro Couto, Foreign Minister Bloi and Prime Minister Agostino Rosario and discussed Indian investment in Mozambican hydrocarbon sector and ways to further enhance energy cooperation.

Indian state owned energy companies BPCL, OVL and Oil India already own significant stake in gas field offshore the East Africa nation.

OVL along with Oil India bought 10 per cent stake in Mozambique gas asset from Videocon Industries for $2.48 billion in June last year. OVL acquired another 10 per cent stake in the field from Anadarko Petroleum Corp for $2.64 billion. 

BPCL also holds 10 percent stake in an offshore gas asset.

Last November, India and Mozambique signed a memorandum of understanding (MoU) to enhance bilateral cooperation in the field of natural gas and oil.