ONGC Videsh (Videsh), a wholly-owned firm of India’s state-owned Oil and Natural Gas Corporation (ONGC), plans to expand its shareholding in Area One on the Rovuma Basin in Mozambique to 20 percent, it emerged on Monday this week.

The Indian firm currently holds a 10 percent shareholding in Area One on the Rovuma Basin, which is comprised of a group of companies headed by the US firm Anadarko.

Videsh’s plans to acquire the 10 percent stake in Area One emerged after it became known that Anadarko intended to dispose of its 10 percent stake in Area One.

According to AllAfrica, this would reduce Anadarko stake in Area One from 36.5 to 26.5 percent if the company successfully sells the 10 percent stake.

It has also emerged that Videsh has already made a firm pitch to Anadarko about the stake it wants to buy.

According to AllAfrica, Videsh has not disclosed the amount of money it is willing to pay for this shareholding.

But AllAfrica cited the Economic Times Of India as saying Anadarko had asked for $2.6 billion. This could not be verified.

In mid-June this year, Videsh and Oil India jointly acquired the 10 percent they already own of Area One from Indian group Videocon for $2.4 billion.

Videocon paid $75 million for the stake.