ONGC Videsh Strikes Gold: ₹15 Billion Investment in Mozambique's Gas Treasure!

ONGC Videsh Ltd (OVL) has disclosed a major investment plan to develop its global energy presence. Here are the facts:

 

Investment in Beas Rovuma: OVL is going to invest as much as ₹15 billion in Beas Rovuma Energy Mozambique, in a strategic decision to strengthen its stakes in the high-value Rovuma offshore gas project.

 

Funding Renewable Energy: The funds from this investment will be used by ONGC Ltd. for acquiring Ayana Renewable Power, consistent with India's efforts towards clean energy solutions.

 

Infusion in ONGC Green Ltd.: Moreover, ONGC Ltd. is going to infuse ₹33 billion in ONGC Green Limited (OGL), which underscores its green energy initiatives.

 

This multi-pronged investment strategy reflects ONGC's philosophy to diversify its portfolio while making a contribution to the fossil fuel as well as renewable energy industry. Mozambique's development is especially remarkable in light of the region's natural gas production potential, which is likely to have a vital role to play in fulfilling the world's energy needs.

 

Source: ongcindia.com, ongcvidesh.com