ONGC Videsh expects headway in Mozambique offshore LNG project rollout

Covering 2.6 million acres, the Mozambique Rovuma Area-1 Offshore project will see integrated gas fields development and has estimated recoverable reserves of 75 trillion cubic feet of natural gas

ONGC Videsh Ltd (OVL) is expecting to make headway in its offshore gas exploration project in Mozambique, where people have begun working on the ground, officials said. An investment of ₹1,500 crore has been greenlit by the OVL board earlier this week into the joint venture (JV) there.

 

The overseas arm of state-owned exploration and production giant ONGC, OVL holds a 10 per cent stake in the $20 billion “Offshore Area 1” LNG project, which has been under force majeure since April 2021 following attacks by Islamic State terrorists in Northern Mozambique's Cabo Delgado province. The revocation of the force