ONGC pays $2.64 billion for 10% in Mozambique Area 1
This is the fourth deal in Mozambique's emerging LNG space in the past 18 months, all with NOC buyers. Anadarko crystallises some of the value of its position, ahead of project development, at an attractive price. The company retains 26.5% and operatorship of Area 1. ONGC increases its stake to 16%, adding to the position it acquired from Videocon earlier this year. What does this deal change? The cost of buying in to Mozambique LNG has increased - this deal was done at a 6% premium ...