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ONGC Videsh Partners Agree To Invest In Mozambique LNG Project

Gasoil News - Published on Sun, 23 Jun 2019

Image Source: Rediff.com
ONGC Videsh Ltd, the overseas investment arm of ONGC and its consortium partners announced the Final Investment Decision in the Mozambique LNG project. The Indian consortium is expected to collectively invest USD 20 billion in the two-train Golfinho/Atum Mozambique LNG Project. The first gas packet is expected in 36-48 months. A meeting of senior ministers convened by Home Minister Mr Amit Shah on June 4 had approved the investment. Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Petroleum and Natural Gas Minister Mr Dharmendra Pradhan and Commerce Minister Mr Piyush Goyal were present at the meeting.

However, ONGC has a participating interest in the Mozambique Rovuma Area-1 Offshore Project through ONGC Videsh, while Bharat Petroleum Corporation Ltd has a stake in it through Bharat PetroResources Ltd. The Mozambique government held a ceremony on Tuesday to announce the decision.

ONGC in a statement said that “The Mozambique LNG Project will be the first onshore LNG facility in Mozambique consisting of initial two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum supported by the development of the Golfinho/Atum fields located offshore entirely within Area.”

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Posted By : Sanju Moirangthem on Sun, 23 Jun 2019
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