ONGC to invest $230 mn in Vietnam

ONGC to invest $230 mn in Vietnam

NEW DELHI, FEB 15: State-run Oil and Natural Gas Corp will have to invest $230 million as development costs for producing natural gas from a Vietnam gas project, a government statement said on Tuesday.

"The project development cost for producing natural gas is estimated at about $508 million. The order of investment of ONGC Videsh Ltd's share is $230 million," it said. The decision on investment by ONGC Videsh will be taken by the end of February, it added. ONGC Videsh Ltd is part of a consortium that includes BP Amoco and Norway's Statoil for gas extraction from offshore block 06.1 - which has estimated reserves of 58 billion cubic metres.