ONGC, Oil India Highest Bidders for Mozambique Gas Field Stake

Oil & Natural Gas Corp. (ONGC) and Oil India Ltd. (OINL) are the leading joint bidders for the stake in a Mozambique gas field being sold by Anadarko Petroleum Corp. and Videocon Industries Ltd., three people with knowledge of the discussions told Bloomberg.

A deal may value the 20 percent holding in the Rovuma-1 offshore block at $5 billion to $6 billion, Bloomberg quoted one of the person as saying.

A successful bid by the Indian group would mark the third major Mozambique deal in less than a year by a state-controlled Asian energy company, following transactions by China National Petroleum Corp. and Thailand’s PTT Exploration and Production, Bloomberg added.