ONGC Videsh consortium: LGN project in Mozambique put on hold due to force majeure

Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the Area 1 Operator Total E&P Mozambique Area 1 Limitada informed the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation leads Total E&P Mozambique Area 1 Limitada, as operator of Mozambique LNG project, to declare force majeure.

ONGC Videsh Limited, wholly-owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), holds 16% Participating Interest (PI) in the Area 1 concession through its subsidiaries ONGC Videsh Rovuma Limited (OVRL) and Beas Rovuma Energy Mozambique Limited (BREML).

Total E&P Mozambique Area 1 Limitada, a wholly-owned subsidiary of Total SE, operates Mozambique LNG with a 26.5% PI alongside ENH Rovuma Área Um, S.A. (15%), Mitsui E&P Mozambique Area1 Limited (20%), OVRL (10%), BREML (10%), BPRL Ventures Mozambique B.V. (10%) and PTTEP Mozambique Area 1 Limited (8.5%).

Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.103.85 as compared to the previous close of Rs. 103.25. The total number of shares traded during the day was 1064315 in over 5949 trades.

The stock hit an intraday high of Rs. 104.35 and intraday low of 103.3. The net turnover during the day was Rs. 110542464.

Source : Equity Bulls

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