New Delhi, India — 04 April 2013 – Indian companies ONGC Videsh Limited (OVL) and Oil Indian Limited (OIL) have made a joint offer of US$5 billion for two stakes of 10% each in the Area 1 oil block of the Rovuma basin in northern Mozambique.

Revealing this here today, leading Indian daily business newspaper “The Business Standard” reported that the two stakes, which were put up for auction in March, are the 10% owned by Indian group Videocon Industries and 10% of the 36.5% owned by US group Anadarko Petroleum, which is the block’s operator.

The remaining partners in the Area 1 block are Japan’s Mitsui (20%), India’s BPCL Ventures (10%), Thailand’s PTTEP (8.5%) and Mozambican state company Empresa Nacional de Hidrocarbonetos (15%).

The newspaper said that the auction, which was held in Hong Kong, ended on Sunday and added that the winner was due to be announced this week.

In March, China National Petroleum Corporation bought a 28.75% stake in ENI East Africa from Italian group ENI for US$4.21 billion, and now owns 20% of the Area 4 block, next to Area 1.

Source: “The Business Standard.” For more information, click here.