When the board of Oil and Natural Gas Corporation (ONGC) red-flagged the listing of ONGC Videsh (OVL) last month, a major roadblock it highlighted was the start of production in Mozambique. A final investment decision (FID) on the project is likely this quarter, a government official said.
Without giving any timeline, OVL Managing Director N K Verma said, “A decision on this is likely very soon. After the FID, the project will take at least 38-40 months to start production.” The Department of Investment and Public Asset Management (DIPAM) had been pushing for the ...
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