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ONGC, GAIL Join Race To acquire Cove Energy

ONGC, GAIL Join Race To acquire Cove Energy , India’s government controlled, Oil and Natural Gas Corp and GAIL India might be planning to join the race to acquire Cove Energy, an Africa-focused gas explorer. World News Information According to some reports, the Indian firms are ready to offer about $2 billion to acquire the explorer firm. The bid is expected to be higher than the $1.77 billion bid by Thai State-controlled oil and gas group PTT as well as Royal Dutch Shell Plc's offer worth $1.6 billion for Cove.

ONGC Videsh Ltd, which is an overseas investment unit of ONGC, will collaborate with GAIL to submit their bid this week, according to a report citing sources closer to the matter. The bi form the Indian firms might value London-listed Cove at 245 pence-a-share as per the estimates.Thailand’s PTT said that it has offered 220 pence-per-share of cove, a bid that values the company at 1.12 billion pounds. Its bid was higher than Shell's offer for Cove. Cove's core assets include an 8.5 percent stake in Mozambique's Rovuma Offshore Area 1. Idia’s Bharat Petroleum Corp and Videocon Industries each own a 10 percent stake in the Rovuma block.

Companies from emerging economies are eagerly trying to tap into the natural reserves in Africa to meet the growing demand their domestic economies. East Africa is expected to become a major hub for natural gas production in the future and this is attracting a lot fo interest from firms from around the world.

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