New Delhi, Oct 29
The overseas arm of Oil and Natural Gas Corp (ONGC) has been allowed to make an investment of up to $173.85 million in a hydrocarbon assets in Myanmar.
The decision was taken at a meeting of the Cabinet Committee on Economic Affairs presided over by Prime Minister Manmohan Singh.
The investment has been approved for gas blocks blocks A-1 and A-3 in Myanmar Natural Gas Development Project by ONGC Videsh Ltd (OVL).
The two companies that will benefit from the award of contract are OVL and GAIL India, both state-owned firms under the administrative control of India's petroleum and natural gas ministry.
The investment is expected to provide additional reserve accretion of hydrocarbons and facilitate production and marketing of natural gas.