ONGC Videsh, PetroVietnam Ink LOI for Exploration in 2-3 Blocks Off Vietnam
India's ONGC Videsh Limited announced Tuesday that the company and PetroVietnam, the major oil producing state owned company of Vietnam have signed a Letter of Intent (LOI) Sept. 15 to participate in the exploration of oil and gas offshore Vietnam during the state visit of President of India to Vietnam.
The LOI was signed by Narendra K. Verma, managing director and CEO on behalf of ONGC Videsh and Dr Do Van Hau, president & CEO on behalf of PetroVietnam in the gracious presence of President of India, Pranab Mukherjee, President of Vietnam Truong Tan Sang and Dharmendra Pradhan, Minister of State (Independent Charge), Petroleum and Natural Gas, Governtment of India.
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.
ONGC Videsh forayed into Vietnam as early as 1988, when it bagged the exploration license for Block 06.1. The company got two exploration blocks - Block 127 and Block 128, in 2006. However, Block 127 was relinquished after completing the work program, 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.
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