ONGC, partners to invest $24 billion in Mozambique gas field

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

ONGC Videsh Ltd, holds 16% stake in Rovuma Area 1 where recoverable resources in excess of 75 trillion cubic feet have been established. BPCL holds 10% and Oil India Ltd 4% stake in the field and all three together hold more stake than Anadarko of the US (26.5%).

"The Mozambique government has passed a decree law, paving way for start of construction work on the project," an official said.

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