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India and China bid for stakes Mozambique's Rovuma

Local and Indian interests are set to take a stake in Mozambique's Rovuma field, but China is also in the wings.

The African nation's state-owned Oil and Natural Gas Corporation (ONGC) and Oil India have bid for a 20% stake in the lucrative oil and gas blocks which have been put up for auction by Videocon and US explorer Anadarko who have released 10% each of their share in the field.

However, there is a tense bidding war taking place as China also seeks to gain a foothold in Rovuma and, shortly before the the Oil India deal was agreed, China National Petroleum Corporation (CNPC) announced it had paid $4.2bn for a 20% share of Italian Group, ENI's holding.

Recent discoveries have made the offshore field extremely attractive to global majors, with claims that the Rovuma basin contains enough natural gas to meet world demand for two years.

With reserves boosted to around 150 trillion cubic feet, Mozambique would certainly have enough gas to supply the world's number-one importer, Japan, for 35 years. Talks have also begun between US oil and gas giant Anadarko Petroleum and potential customers in Japan for the sale of Mozambican natural gas. The gas would be processed at a new factory in Mozambique in partnership with ENI.

Tags: Africa, China, CNPC, Corporate News, India

Published 21st March, 2013

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