ONGC has signed an MoU with Petrovietnam Exploration Production Corporation Ltd, a wholly owned subsidiary of Vietnam Oil and Gas Group, for mutual cooperation in exploration in 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, ONGC, and Dr. Do Van Khanh, President and CEO, Petrovietnam.
ONGC Videsh Ltd, the overseas arm of ONGC, also signed a Heads of Agreement with Petrovietnam for cooperation in exploration of Blocks 102/10 & 106/10 of Petrovietnam and Block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation.
ONGC Videsh forayed into Vietnam as early as 1988, when it was awarded the exploration license for Block 06.1. Presently, the block is producing natural gas. The company also got exploration Blocks 127 & 128 in 2006. Block 127 was relinquished after completing the work programme. Block 128 is currently under exploration.