How India can take on China and Africa in Big Oil

From offshore Caspian, the great game between India and China to secure energy acreages around the world just got shifted to the deep waters of Mozambique - home to the world's biggest gas discovery in a decade. Tuesday finally brought home some good cheer. India managed to consolidate its toehold in the hottest new hydrocarbon frontier: the $2.5-billion acquisition by ONGC Videsh (OVL) and its partner Oil India (OIL) for a 10% stake in a Mozambique gas field.

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