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Indian companies are expected to invest a further $6 billion in Mozambique’s oil and gas exploration sector, the Minister of State (Independent Charge) for Petroleum and Natural Gas, Dharmendra Pradhan, said on Monday.
Pradhan said the investment will be made in phases by 2019. Indian firms including ONGC Videsh, Oil India, and Bharat Petroleum have already invested $6 billion till now.
“The early monetisation of Rovuma Area 1 in offshore Mozambique is a priority. But we must also respect the sovereign laws and rules of their country,” said Pradhan.
The Minister added that the two sides discussed all issues related to investment and enhancing the bilateral relationship in the areas of oil and gas.
A joint working group, which was decided to be set up in November 2014, met in Mozambique during Pradhan’s visit.
“In August, a high-level delegation from Mozambique’s oil and gas sector will come to India, which signifies the close ties,” said the Minister.
On liquefied natural gas (LNG) imports from Mozambique, Pradhan said the first shipments are expected to come by 2019, and talks have already begun with Indian utilities for the same.
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