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NEW DELHI: In its fourth deal in one year, ONGC Videsh , the overseas arm of state-run Oil and Natural Gas Corp (ONGC), on Monday said it will pay $2.64 billion to buy a 10% stake in a giant Mozambique gas field from Anadarko Petroleum Corp of US. With this, OVL has snapped up deals worth over $11 billion since September last year as it works to tackle rising energy needs of the country with takeovers abroad.

OVL in a statement said it has signed agreements to buy a 10% stake from Anadarko in Mozambique's offshore Rovuma Area 1, where up to 65 trillion cubic feet of gas reserves are to be converted into LNG for transportation by ships to markets like India.

The company, along with Oil India (OIL), had in June bought a 10% stake in the same block from Videocon Group for $2.5 billion. The June deal has already been approved by the Mozambique government and other partners in the block but it is awaiting clearance of the Indian government.

A unit of state-owned Bharat Petroleum (BPCL) already has a 10% interest in the Rovuma Area 1 and after Monday's deal, Indian firms will have access to 30% of 60-80 million standard cubic meters per day of planned gas production from the block.

OVL MD D K Sarraf, who is credited with turning the company into an aggressive overseas player, said the two Mozambique deals will be funded through a "mixture of internal resources and external resources including overseas borrowings" .

"What will be the mix is a strategic decision which we will take at relevant times," he said.