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    Money Control: ONGC, Others to Invest $6 Bn in Mozambique

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Summary

On a state visit to Mozambique, Indian Oil Minister Dharmendra Pradhan has announced $6 billion of investments in LNG by ONGC, OIL, and BPCL

by: Erica Mills

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Press Notes, Africa

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Money Control: ONGC, Others to Invest $6 Bn in Mozambique

State-run ONGC, OIL and BPCL will in the next four years invest USD 6 billion in developing a giant gas field off the Mozambique coast and converting the fuel into LNG for export to nations like India, Oil Minister Dharmendra Pradhan said. ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp (ONGC), Oil India Ltd and a unit of Bharat Petroleum Corp Ltd (BPCL) together hold 30 percent interest in Rovuma Area-1, which is estimated to hold recoverable gas reserves of up to 75 trillion cubic feet.

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