You are here

ONGC Videsh bags acreage offshore Vietnam with PetroVietnam cooperation agreement

16th September 2014

ONGC Videsh and PetroVietnam signed a Letter of Intent (LOI) yesterday to participate in the exploration of oil and gas offshore Vietnam, during the state visit of the Indian president to Vietnam

ONGC Videsh bags acreage offshore Vietnam with PetroVietnam cooperation agreement
ONGC Videsh acquired two exploration blocks - Block 127 and Block 128, in 2006

The LOI provides for expansion of exploration activities by ONGC Videsh in Vietnam by considering participation in 2-3 additional blocks subject to technical and commercial viability and requisite approvals.

In turn, PetroVietnam may consider participation in some of the exploration blocks of ONGC Videsh on mutually agreeable terms subject to due-diligence.

The Letter of Intent (LOI) was signed by Narendra K. Verma, managing director and CEO of ONGC Videsh, and Do Van Hau, president and CEO of PetroVietnam. Also in attendance were Pranab Mukherjee, president of India, and Trương Tấn Sang, president of Vietnam, and Dharmendra Pradhan, India’s minister for petroleum and natural gas.

ONGC Videsh forayed into Vietnam as early as 1988, when it bagged the exploration licence for Block 06.1.

The company acquired two exploration blocks - Block 127 and Block 128, in 2006.

However, Block 127 was relinquished after completing the work programme, and the other block, Block 128 is currently under exploration.

Additionally, ONGC Videsh and PetroVietnam have been engaged in further discussions for possible expansion of cooperation in hydrocarbon sector of Vietnam.

Got a news tip? Email news@oilandgastechnology.net