ONGC Videsh Ltd. (OVL), the international arm of India’s national oil company, has approved a ₹1,500 crore investment to accelerate the development of its joint venture in Mozambique’s offshore gas reserves.
The funding will support the Mozambique Area 1 LNG project, a $20 billion initiative in which OVL holds a 10% stake.
Despite previous delays due to security concerns, the project is set to move forward as TotalEnergies, the project operator, is expected to lift its force majeure status soon.
With an estimated 75 trillion cubic feet of recoverable gas reserves, the Mozambique LNG project involves constructing two liquefaction units with a combined annual capacity of 13 million tons.
Once operational, the project is expected to play a key role in shaping global LNG markets.
