ONGC Videsh ltd, the overseas arm of Oil and Natural Gas Corp (ONGC), has signed an agreement to expand its oil and gas exploration in offshore Vietnam.
The Indian flagship firm will consider exploring in 2-3 blocks out of the 5 areas in South China Sea that Vietnam had offered on nomination basis in November last year. The five blocks or areas - 17, 41, 43, 10&11-1 and 102&106/10, offered in November last year lie outside the territory claimed by China in the South China Sea.
“OVl and PetroVietnam, the major oil producing state-owned company of Vietnam, signed a letter of Intent (lOI) on September 15 to participate in the exploration of oil and gas in offshore Vietnam,” the company said in a statement here.
The loI was signed by OVl Managing Director Narendra K Verma and PetroVietnam President and CEO Do Van Hau in Hanoi during the state visit of President Pranab Mukherjee to Vietnam.