Oil India to pick stake in Mozambique gas field

27 October 2012, Sweetcrude, MAPUTO – OIL India has begun talks with Mozambique to pick up a stake in giant gas field Rovuma-1 after its government assured that the proposed energy policy would allow stakeholders to ship out their share of gas to their countries.

Cash-rich Oil India is also considering downstream investments such as setting up fertiliser and petrochemical plants in the country though a consortium of state oil firms because of availability of abundant gas, government and company official said requesting anonymity.Oil India has reserve and surplus of about Rs 12,500 crore.

“We had a very positive discussion with the visiting Mozambique delegates.We may purchase participating interest in the gas field from one or more existing partners,” said an official of the state-run Oil India.

Mozambique vice-minister of mineral resources Abdul Razak Noormahomed was in India last week to attend Petrotech-2012.

The company is also interested in purchasing 10% stake in the giant gas fields held by Indian firms,officials said. “No deal can happen without blessings of the Mozambique government,” an official said.

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