Industry

OVL gets nod for investment in Myanmar

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved an additional investment of $121.27 million (about ₹909 crore) by ONGC Videsh Ltd. (OVL), for further development of the Shwe oil and gas project in Myanmar.

According to an official statement, ONGC Videsh has been associated with the exploration and development of the Shwe project in Myanmar since 2002, as part of consortium of companies from South Korea, India and Myanmar, and has invested $722 million till March 31, 2019 in the project.

GAIL is also an investor in this project. The first gas from the Shwe Project was received in July 2013 and plateau production was reached in December 2014.

The project has been generating positive cash flows since FY15, the government said.

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Printable version | Jul 15, 2020 8:41:25 AM | https://www.thehindu.com/business/Industry/ovl-gets-nod-for-investment-in-myanmar/article31909274.ece

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