The Mozambique project will sell 95 million tonnes of LNG every year from ONGC

Government oil-gas company ONGC and its joint venture partners have made long-term agreements to sell 95 million tonnes of Liquefied Natural Gas (LNG) each year from the Mozambique Rovuma Offshore Zone-1 project.

ONGC will take a final decision on the final investment for this project in the first half of 2019. 

In the Mozambique project, there is a 30% stake in Indian companies, in which ONGC has 16%, 4% of Oil India and 10% share of Bharat Petroleum. This project is operated by the American Petroleum and Natural Gas Company, Anadarko, which has 26.5% stake in it.

On the other hand, ONGC’s stock is showing a strong position today. After opening at Rs 148.95 in comparison to the previous closing level of Rs 147.70 in BSE, it has climbed to Rs 149.70. At approximately 11 o’clock, ONGC’s shares are running at Rs 148.70 with an increase of Rs 1.00 or 0.68%. Oil India’s share is at Rs 175.65 with an increase of 1.70 rupees or 0.98% compared to the previous closed level. However, the share of Bharat Petroleum is showing a decline of 0.79%.

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