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Union Cabinet approves Rs 909 crore ONGC Videsh additional investment projects in Myanmar

The Union Cabinet on Wednesday approved additional investment of Rs 909 crore by ONGC Videsh Ltd for development of blocks A-1 and A-3 Blocks of Myanmar.

“The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved additional investment of US$ 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 & gas project in Myanmar,” an official release said.

ONGC Videsh Ltd 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.

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