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CBI lens on Videocon's Dhoot: Was Rovuma offshore a joy ride for oil firms?

Videocon's dealing with an SBI-led consortium being probed; complaint filed at instance of petroleum ministry which in 2013 under Veerappa Moily oversaw 10% of Videocon stake bought over by ONGC, OIL

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Offshore Area 1, covering 2.6 million acres, is located within the Rovuma Basin approximately 40 km offshore northern Mozambique, according to Offshoretechnology.com. The water depth is approximately 1,600 metres

Jyoti Mukul New Delhi

4 min read Last Updated : Jun 25 2020 | 3:41 PM IST

In the volatile world of oil and gas, it is said the ability to take different calls based on the same geological risks is what creates a success story. Videocon exited its Mozambique asset in 2014 by selling 10 per cent to Oil and Natural Gas Corp (ONGC) and Oil India (OIL) for about $2.5 billion. ONGC Videsh (OVL) is still bearing the burden of the Imperial Energy asset in Russia.

But the success of Videocon Group Chairman Venugopal Dhoot in realising value out of the Mozambique deal is proving to be costly. The Central Bureau of Investigation (CBI) has

Topics : CBI M Veerappa Moily ONGC Oil Videocon Industries

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