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The overseas investment arm of the state-run Oil and Natural Gas Corporation (ONGC) has secured the government’s nod for an additional investment of USD $149.46 million in a gas block in Vietnam.
The Cabinet Committee on Economic Affairs gave ONGC the permission during a meeting in New Delhi which was presided over by Prime Minister Manmohan Singh.
The capital breakup shows that the Vietnamese company has a 20 percent share, British Petroleum has 35 percent share and the rest 45 percent will be owned by ONGC Videsh.
The oil patch in question is a gas-producing shallow water offshore block under contract with Petro Vietnam, the national oil firm of Vietnam.
ONGC’s initial investment commitment grosses up to USD $228 million and is naturally the largest share holder in the venture.
