State-owned India’s multinational oil giant Oil and Natural Gas Corp (ONGC) and Oil India (OIL) had made a joint offer to buy up to 20 percent share of a giant Mozambique gas field, it emerged at the weekend.

Sources close to the matter would not disclose the amount of money involved in this bid.

According to the Wall Street Journal (WSJ), this move highlights India’s interest in acquiring hydrocarbon assets overseas.

The stake is being sold by US-based Anadarko and India’s Videocon Industries, the WSJ reported, citing a well-placed source, who did not want to be named.

Analysts said the move to buy this stake by the two companies could be India’s largest foreign transaction in the oil and gas segment.

The offer by the two companies comes after an agreement on Thursday last week between oil producer Eni SpA and China National Petroleum Corp under which the Italian oil giant would offer a 20 percent stake in its Mozambique offshore natural-gas field to the Chinese company for $4.21 billion.

It is understood that two major natural gas findings have so far been made in Offshore Area 1 of Mozambique’s Rovuma Basin.

The Prosperidade complex is estimated to hold between 17 and 30-plus Tcf of recoverable natural gas while separate and distinct Golfinho/Atum complex is estimated to hold 15-35 Tcf of recoverable natural gas resources.