India's Oil and Natural Gas Corp has agreed to purchase 10 percent in a gas field offshore Mozambique from Anadarko Petroleum Corp for $2.64 billion, as the explorer looks to offset diminishing supplies from domestic gas fields by buying overseas assets.The purchase of U.S. oil company Anadarko's stake is the latest in a handful of overseas assets that ONGC Videsh, the overseas business unit of state-controlled ONGC, has bought in the last couple of years to boost India's energy needs.In June, ONGC and state-run Oil India Ltd signed a deal to buy a 10 percent stake in a Mozambique gas field from Videocon Group for $2.48 billion."There is a lot of energy demand and whatever volumes of gas we are able to bring to the country are of utmost significance," A. K. Srinivasan, ONGC's group general manager for finance, told Reuters. "Mozambique will be a big LNG hub for the future."
Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC remained unchanged at $89.80. In the past year, the shares have traded as low as $65.82 and as high as $92.90. On average, 2863080 shares of APC exchange hands on a given day and today's volume is recorded at 0.
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