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ONGC Videsh inks historic pact with PetroVietnam

The letter of intent was signed by ONGC Videsh Ltd MD & CEO Narendra K Verma, on behalf of OVL and PetroVietnam President & CEO Dr Do Van Hau on behalf of the Vietnamese company in the presence of President Mukherjee, Vietnam President Truong T?n Sang and Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan.

The LOI provides for expansion of exploration activities by ONGC Videsh Ltd in Vietnam by considering participation in two-three 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 Ltd on mutually agreeable terms subject to due-diligence.

ONGC Videsh Ltd 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 programme, and the other block, Block 128 is currently under exploration. Additionally, ONGC Videsh Ltd and PetroVietnam have been engaged in further discussions for possible expansion of cooperation in hydrocarbon sector of Vietnam.

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