ONGC, partners to invest Rs 1.59 lakh crore in Mozambique
Oil and Natural Gas Corp (ONGC) and its partners will invest about $24 billion (approximately Rs 1.59 lakh crore) to produce 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% stake in Rovuma Area 1 where recoverable resources in excess of 75 trillion cubic feet have been established.
BPCL holds another 10% and Oil India Ltd 4% stake in the field and all three together hold more stake than operator Anadarko of the US (26.5%).
