ONGC Videsh Update: Mozambique LNG Project Resumes
OIL & GAS

ONGC Videsh Update: Mozambique LNG Project Resumes

ONGC Videsh Limited, the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), has announced that the Force Majeure on the Mozambique LNG Project in Area 1 has been lifted, enabling construction activities to restart.

ONGC Videsh holds a 16 per cent interest in the Area 1 concession through its subsidiaries ONGC Videsh Rovuma Limited (OVRL) and Beas Rovuma Energy Mozambique Limited (BREML). The project is operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of TotalEnergies SE, which holds a 26.5 per cent participating interest. Other partners include ENH Rovuma Area Um, S.A. (15 per cent), Mitsui Rovuma Offshore Area 1 Limited (20 per cent), OVRL (10 per cent), BREML (10 per cent), BPRL Ventures Mozambique B.V. (10 per cent) and PTTEP Mozambique Area 1 Limited (8.5 per cent).

The 13.12 MMTPA LNG project began construction in 2019 but was halted in May 2021 when Force Majeure was declared due to a deteriorating security situation in Cabo Delgado province. With the security environment now significantly improved, the Area 1 consortium has formally notified the Government of Mozambique of its decision to end the Force Majeure.

The withdrawal allows construction to resume, paving the way for the early completion of the project, which is a key development in Mozambique’s Rovuma Basin and an important energy investment for ONGC Videsh and its partners.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

ONGC Videsh Limited, the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), has announced that the Force Majeure on the Mozambique LNG Project in Area 1 has been lifted, enabling construction activities to restart. ONGC Videsh holds a 16 per cent interest in the Area 1 concession through its subsidiaries ONGC Videsh Rovuma Limited (OVRL) and Beas Rovuma Energy Mozambique Limited (BREML). The project is operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of TotalEnergies SE, which holds a 26.5 per cent participating interest. Other partners include ENH Rovuma Area Um, S.A. (15 per cent), Mitsui Rovuma Offshore Area 1 Limited (20 per cent), OVRL (10 per cent), BREML (10 per cent), BPRL Ventures Mozambique B.V. (10 per cent) and PTTEP Mozambique Area 1 Limited (8.5 per cent). The 13.12 MMTPA LNG project began construction in 2019 but was halted in May 2021 when Force Majeure was declared due to a deteriorating security situation in Cabo Delgado province. With the security environment now significantly improved, the Area 1 consortium has formally notified the Government of Mozambique of its decision to end the Force Majeure. The withdrawal allows construction to resume, paving the way for the early completion of the project, which is a key development in Mozambique’s Rovuma Basin and an important energy investment for ONGC Videsh and its partners.

Next Story
Real Estate

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Next Story
Real Estate

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Next Story
Infrastructure Urban

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement