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CCEA okays ONGC Videsh’s additional investment in Myanmar project

Wednesday, 24 Jun 2020
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The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved additional investment of USD 121.27 million (about Rs 909 crore) by ONGC Videsh (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil and gas project in Myanmar.

ONGC Videsh (OVL) has been associated with exploration and development of Shwe project in Myanmar since 2002, as part of consortium of companies from South Korea, India and Myanmar.

The Indian PSU, GAIL (India), is also an investor in the project. OVL has invested USD 722 million till 31 March 2019 in the 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 FY 2014-15.

 
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