India to invest more in Mozambique gas project

India’s Minister of State Petroleum & Natural Gas Dharmendra Pradhan visited Mozambique where he held meetings with the Minister of Mineral Resources & Energy, Pedro Couto, and Foreign Minister Baloi and called on Prime Minister Agostino Rosario.

Three Indian companies, ONGC Videsh, Oil India have already invested $6 billion in a gas block, Rovuma Area 1 in offshore Mozambique, and further $6 billion will be invested in development of the block.  This is one of the largest investment of India in any single hydrocarbon asset abroad, the ministry said in a statement.

During the meetings, the two sides discussed all issues related to the existing investment as well as ways to expand the relationship in other areas of oil and gas. It was agreed that there is scope for expanding cooperation in several areas of mutual interest.

Currently ONGC Videsh, Oil India and Bharat Petroleum have a 30% interest in the block and will participate in the development of the proposed LNG project in Mozambique.

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