India and Mozambique Government MoU to Enhance Cooperation in Oil and Gas field

Indian minister of State for Petroleum & Natural Gas Dharmendra Pradhan and Mozambique Minister of Foreign Affairs and Cooperation Mr. Oldemiro Julio Marques Baloi recently signed a memorandum on cooperation in the field of Oil and Gas in a ceremony at the ONGC registered office at New Delhi.

The MoU aims to establish a cooperative institutional framework to facilitate and to enhance bilateral cooperation in the oil and gas sector with the Mozambique Minister terming the signing a milestone in a long relationship.

Pradhan said that both the countries have traditional links which have grown from strength to strength over the years. He added that Indian public sector companies have participating interest in Mozambique’s Gas fields and sought cooperation from the Government of Mozambique in this regard.

ONGC Videsh Limited (OVL) and Oil India Limited (OIL) has 10% participating Interest in the Rovuma Area 1 offshore Block, Mozambique after acquiring 100% shares of Videocon Mozambique Rovuma 1 Limited, the company which acquired 10% PI in the Area 1 from Videocon Mauritius Energy Limited.

Other partners in Area 1 include Anadarko (operator of the project), ENH, Mitsui, Indian owned BPRL, and PTTEP.