ONGC Videsh signs LOI with PetroVietnam for exploration offshore Vietnam
NEW DELHI, India -- ONGC Videsh and PetroVietnam signed a Letter of Intent (LOI) Sept. 15 to participate in exploration offshore Vietnam.
The LOI provides for the 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. Block 127 was relinquished after completing the work program, and the other block, Block 128, is currently under exploration.
