The Cabinet Committee on Economic Affairs on June 24, 2020 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.
About Shwe project in Myanmar
ONGC Videsh Ltd. (OVL) 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.
The Indian PSU, GAIL, is also an investor in this project. OVL has invested US$ 722 million till 31st March 2019 in this project.
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.
