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    The Hindu: ONGC, Partners to Invest $24 bn in Mozambique Gas Field

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Summary

Oil and Natural Gas Corp (ONGC) and its partners say they will invest $24 billion into Rovuma-1 in Mozambique to produce and aid export of LNG to India

by: Erica Mills

Posted in:

Press Notes, Africa

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The Hindu: ONGC, Partners to Invest $24 bn in Mozambique Gas Field

Oil and Natural Gas Corp (ONGC) and its partners will invest about USD 24 billion in producing natural gas from a giant field off Mozambique and converting it into liquid fuel (LNG) for export by ships to consumers like India.

ONGC Videsh Ltd, the overseas investment arm of the state-run explorer, holds 16 per cent stake in Rovuma Area 1 where recoverable resources in excess of 75 trillion cubic feet have been established.

Read the full article HERE.

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