Videocon JV finds gas in another well in Mozambique

Consumer electronics major Videocon group today announced that its joint venture with Anadarko Petroleum Corporation of the US struck gas at the exploration block in Rovuma Basin area, offshore Mozambique.

Videocon Mozambique Rovuma 1 Limited, an overseas wholly-owned subsidiary of Videocon Industries, holds a 10-per cent participating interest in the acreage.  

The Barquontine exploration well in the offshore area 1 of Mozambique's Rovuma Basin encountered more than 308 net feet of pay in oligocenc sands, Videocon said in a stock market filing.

The well also found an additional 108 net feet of natural gas reserves in the paleocene sands, Videocon said in an announcement during trading hours today.

Videocon said it planned to increasingly focus on its oil and gas business following promising results at its exploration ventures in Mozambique and Brazil.

"For the investments that we have made in Brazil and Mozambique, we are getting a very good feedback, making our investments more viable. Exploration at the Australian oil blocks is also going on, but there is not much indication as to what kind of reserves can be expected," reports quoted SM Hegde, director, Videocon group, as saying.