India okays $121.27m more in investment for Myanmar oil and gas project

India today approved an additional investment of 121.27 million USD (about Rs 909 crore) by the state-owned Oil and Natural Gas Corporation Videsh Ltd (OVL) for further development of two blocks of the Shwe oil and gas project in Myanmar.

ONGC Videsh Ltd has been associated with the exploration and development of the project in Myanmar since 2002 as part of a consortium of companies from South Korea, India and Myanmar, reports our New Delhi correspondent.

Gas Authority of India Ltd, a public sector undertaking (PSU), is also an investor in this project. OVL has previously invested 722 million USD till March 31, 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 flow since the fiscal year 2014-15.

"The participation of Indian PSUs in oil and 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 neighbours," an official statement said.