ONGC Videsh Awarded Operatorship of Block 127 Offshore Vietnam

Petro Vietnam had invited global competitive bids for 9 offshore exploration blocks in the 2004 Licensing Round. These blocks are located in Phu Khanh Basin, Eastern Cuu Long Basin and Nam Con Son Basin.

ONGC Videsh has been selected as the winner for Block 127 in Phu Khanh Basin with 100% participating interest and operator ship. Phu Khanh basin is an undrilled deepwater basin with more than 14000 km of 2D seismic data already acquired. Many leads and prospects have been identified and mapped. Block 127 is located at water depth of more than 400 meters with 9, 246 sq. km area where two prospects have been identified with estimated in-place resource of more than 1 Billion barrels.

Block 127 is close to Nam Con Son project sourcing gas from Lan Do and Lan Tay fields discovered by OVL (then Hydrocarbons India Ltd.) in 1992 and 1993 respectively. This is the biggest oil and gas project in Vietnam. OVL holds 45% participating interest in these producing fields.

Welcoming the PetroVietnam announcement, Mr. Subir Raha, Chairman, ONGC Videsh Ltd. said that OVL's commitment to Vietnam will continue to be reinforced through mutually beneficial collaboration.

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