ONGC is in talks to buy Videocon’s 10 per cent stake in a giant gas field off Mozambique and plans to ship the fuel in liquid form to a proposed LNG (liquefied natural gas) terminal at Mangalore, Chairman Sudhir Vasudeva said here on Wednesday.

Talking to newsmen on the sidelines of a function here, Mr. Vasudeva said, “We will be signing a memorandum of understanding with Bharat Petroleum Corporation for looking into the feasibility of setting up the LNG terminal at Mangalore.’’ . The proposed LNG terminal will include Mitsui of Japan as partner, he added.

Meanwhile, Mr. Vasudeva said the Rs.8,000-crore development plan of the western offshore B-193 cluster fields, developed in assistance with Singapore-based Swiber Holdings, would be completed this year and would add another 28,000 barrels a day of oil production

Terming it as a milestone for offshore exploration and development, Mr. Vasudeva said it was for the first time that the float over installation method had been used in India with Swiber installing a 13,000-tonne platform at the B-193 field in the Arabian Sea, saving around $70-100 million in costs.

Raymond Goh Executive Chairman of Swiber Holdings, said the 13,000-tonne steel structure, which would process oil and gas produced from the marginal fields before pumping it to shore, was erected using floating barges. “The successful execution and completion of B-193, which marks the first time that any company has used the float over method for offshore field development in India, is a testament to Swiber's excellent engineering capabilities and asset strength,’’ Mr. Goh added.

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