All lined up: OVL gets government approval for overseas investments
OVL gets nod for Americas trio
The Cabinet Committee on Economic Affairs (CCEA) has given state-run Oil and Natural Gas Corporation’s overseas arm ONGC Videsh (OVL) the green light to invest $155 million in a gas block in Trinidad & Tobago and another $282 million in two exploration blocks in Brazil.
Last year ONGC Mittal Energy, a joint venture between ONGC Videsh and Mittal Energy, bagged the NCMA-2 block off Trinidad and Tobago. Today, the CCEA gave the go ahead for ONGC Videsh to make its share of the investment.
Meanwhile, off the coast of Brazil, OVL was authorised to invest $137 million in Block SM-1413 and another $145 million in Block ES-470.
The Trinidad & Tobago investments are being made expecting a minimum rate of return of 14%, while the Brazilian investments are being made on a 16% minimum rate of return, said a statement on the government’s website.