Oil and Natural Gas Corporation limited (ONGC) signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation ltd (PVEP), a wholly-owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NElP Blocks of ONGC in Andaman and Cauvery Basins, subject to due diligence and negotiations on terms of participation. The MOU was signed by Dinesh K Sarraf, chairman and managing director on behalf of ONGC and Do Van Khanh, president and CEO on behalf of PVEP.
ONGC Videsh limited also signed a Heads of Agreement (HOA) with PVEP for mutual cooperation for exploration in blocks 102/10 and 106/10 of PVEP and block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation.
Both the MOU and the HOA were exchanged in the presence of visiting PM of Vietnam Nguyen Tan Dung and PM of India Narendra Modi.