{"id":8801,"date":"2020-06-26T13:41:59","date_gmt":"2020-06-26T08:11:59","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=8801"},"modified":"2020-06-26T13:41:59","modified_gmt":"2020-06-26T08:11:59","slug":"shwe-oil-and-gas-project","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/shwe-oil-and-gas-project\/","title":{"rendered":"Shwe oil and gas project"},"content":{"rendered":"
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Relevance: Prelims: Economy<\/strong><\/span><\/p>\n

\"Development<\/p>\n

Why in news?<\/strong><\/p>\n

\u2022 The Cabinet Committee on Economic Affairs has approved additional investment of US$ 121.27 million (about Rs.909 crore) by ONGC Videsh Ltd (OVL) towards further development of blocks A-1 and A-3 Blocks of Shwe oil and gas project in Myanmar.<\/p>\n

About:<\/b><\/p>\n

\u2022 ONGC Videsh Ltd. (OVL) has been associated with exploration and development of Shwe project in Myanmar since 2002, as part of consortium of companies from South Korea, India and Myanmar.<\/p>\n

\u2022 The Indian PSU, GAIL, is also an investor in this project. OVL has invested US$ 722 million till 31st March 2019 in this project.<\/p>\n

\u2022 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 flows since FY 2014-15.<\/p>\n

\u2022 The participation of Indian PSUs in oil and gas exploration and development projects in neighbouring countries is aligned with India\u2019s Act East Policy, and also part of India\u2019s efforts to develop Energy Bridges with its immediate neighbours.<\/p>\n<\/div>\n

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