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New Delhi, June 24, 2020
The Cabinet Committee on Economic Affairs (CCEA) today approved additional investment of $ 121.27 million (about Rs. 909 crore) by ONGC Videsh Ltd (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil and gas project in Myanmar.
OVL has been associated with exploration and development of Shwe project since 2002, as part of a consortium of companies from South Korea, India and Myanmar. The Indian PSU, GAIL, is also an investor in this project.
OVL, a wholly owned subsidiary and overseas arm of public sector Oil and Natural Gas Corporation (ONGC) has invested $ 722 million till March 31, 2019 in this project, an official press release said.
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.
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 efforts to develop "energy bridges" with its immediate neighbors.