Home » OVL INVESTMENT IN MYANMAR’S SHWE OIL & GAS PROJECT
OVL INVESTMENT IN MYANMAR’S SHWE OIL & GAS PROJECT
Sources: PIB, PTI, The Hindu, The Indian Express, DD News, Lok Sabha Channel , Rajya Sabha Channel , All India Radio
Additional investment by OVL towards further development of Shwe oil & gas project in Myanmar approved
ONGC Videsh (OVL) has been associated with exploration and development of Shwe gas project in Myanmar since 2002, as part of a consortium of companies from South Korea, India and Myanmar.
The Indian PSU, GAIL, is also a co-investor in this project. OVL has invested US$ 722 million (about Rs 3949 crores, as per corresponding average annual exchange rate) till 31st March 2019 in this project.
The first gas from 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.
The Cabinet Committee on Economic Affairs today approved additional investment of US$ 121.27 million (about Rs 909 crores; 1 US$ = Rs 75) by ONGC Videsh Ltd (OVL) towards further development of Shwe oil & gas project in Myanmar.
The participation of Indian PSUs in oil & gas exploration and development projects in neighbouring countries is aligned with India’s Act East Policy, and also part of India’s strategy to develop Energy Bridges with its neighbours in addition to further strengthening India’s energy security needs.