OVL, partners agree to invest $20 bn in Mozambique LNG project


OVL, partners agree to invest $20 bn in Mozambique LNG project

ONGC Videsh Ltd (OVL) and its Indian as well as foreign partners have agreed to invest USD 20 billion in constructing a gas liquefaction and export terminal in Mozambique to monetise vast offshore natural gas reserves they had found.

In separate but almost identical regulatory filings, Oil and Natural Gas Corp (ONGC), Bharat Petroleum Corp Ltd (BPCL) and Oil India Ltd (OIL) said their subsidiaries along with Anadarko Petroleum of the US has taken a final investment decision (FID) for Area-1 Mozambique LNG project.

The project will initially consist of two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum. Feedgas will come from the Golfinho/Atum field in Offshore Area 1.

To be built on the Afungi peninsula in Cabo Delgado province, the project will also involve the construction of associated infrastructure, storage tanks, and export jetty facilities. Read more

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