Videocon strikes gas in Mozambique offshore block

Videocon Hydrocarbon, a wholly owned subsidiary of Videocon Industries Ltd, today announced a significant discovery of natural gas in the offshore Rovumal block in Mozambique.

Videocon, through Videocon Hydrocarbon, owns 10 per cent participating interest in the offshore area-1, which is a part of the Rovumal block operated by Anadarko Petroleum.

"Videocon Industries advises that Anadarko Petroleum Corporation, operator of Rovumal block, offshore Mozambique, announced the discovery of a new natural gas accumulation within the Offshore Area 1 of the Rovuma Basin," the company said in a filing with the Bombay Stock Exchange (BSE).

The accumulation was fully contained within the offshore area-1 of the Rovumal. The Orca-1 discovery well encountered approximately 58 metres of natural gas after the well was drilled to a total depth of approximately 4,996 metres, in water depths of approximately 1,061 metres, according to the statement filed with BSE.

''The success of the exploration well 'Orca' in the Rovumal Basin has further added to the vast hydrocarbon resources already established in the said block,'' Pradeep N Dhoot, director of Global E&P business of Videocon Hydrocarbon, said.

Videocon Hydrocarbon Holdings Limited (Videocon), a Cayman Islands-registered company set up in 2009, is part of the diversified Videocon Group. Videocon, through its various subsidiaries and affiliates holds interest in various international oil and gas concessions in Mozambique, Brazil, Indonesia, and East Timor.

 In 2008 it acquired a 10-per cent participating interest from Anadarko in Rovuma Area-1 in Mozambique offshore exploration and production sharing contract.