Indian Oil Firm to Sign New Contract in Vietnam
ONGC Videsh Ltd (OVL), an overseas arm of India's state-owned Oil & Natural Gas Corp. (ONGC), will sign a production-sharing contract (PSC) with the Vietnamese government for two blocks offshore southern Vietnam.
OVL was awarded the two blocks 127 and 128 in Phu Khanh Basin at a global competitive bidding for nine offshore exploration blocks in the Vietnam 2004 Licensing Round.
The offshore explorative activities will consolidate OVL’s presence in Vietnam, local media quoted a company official as saying.
The two blocks have been identified with estimated in-place resource of around 190 million tons.
The contract signing ceremony is expected to coincide with the company’s board meeting on May 24. This will be the first time OVL will hold its board meeting where it has production assets if the mandatory approval is passed.
OVL already has 45 per cent participating interest in the producing properties of Lan Do and Lan Tay offshore blocks in Nam Con Son Basin.
Thanh Nien Online
Vietnamese
