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News Brief | April 2014

Gas reserves at Mozambique field scaled up

Gas reserves in Mozambique's Rovuma basin, where Indian firms hold a 30% stake have been upgraded to 45-70 trillion cubic feet from 35-65 tcf, cheering Oil and Natural Gas Corp, which has invested $4 billion in the project. Bharat Petroleum Corporation (BPCL), which also holds a stake along with Oil India informed the stock exchanges that Anadarko, the operator of the block announced this month that reserves estimates had been scaled up. The field is expected to ship out its first LNG cargo in 2018. DK Sarraf, the newly anointed chairman of ONGC said that he is extremely upbeat about the development in the basin where the state-run firm's overseas arm has made its biggest ever investment.
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