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ONGC, Oil India Ltd and BPCL aims to invest $6 billion in Mozambique

In the next four years ONGC, Oil India and BPCL will invest USD 6 billion in developing a giant gas field of the Mozambique.

“We have invested more than USD 6 billion so far (in the Mozambique field) and another USD 6 billion will be invested by 2019 to develop Rovuma Area-1 field,”  the oil Minister Dharmendra Pradhan said.

The Minister has just returned from a two day visit to the African nation last night and said that the first LNG  from the block is targeted for 2018 end or early 2019.

“I had a very successful tour to Mozambique… we are getting full cooperation from the Mozambique government for early development and monetisation of Rouvma Area 1,” he said.

“If it fetches more money (to us) by selling the LNG then and there itself, we will opt for that. But if it is beneficial to bring the gas to India, we will certainly look at that option,” he said.

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