Oil and Natural Gas Corporation’s (ONGC) - 100% overseas subsidiary - ONGC Videsh (OVL), has signed a Memorandum of Understanding (MoU) with Petrovietnam (PVN) to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries. Under the MOU, Petrovietnam has offered 5 blocks to ONGC Videsh (OVL). OVL would assess these blocks and if these are of interest, it would make a proposal to PetroVietnam.
Vietnam is one of the focus countries for OVL where it would like to acquire stakes in oil and gas assets depending on techno-commercial viability. ONGC Videsh is present in E&P sector of Vietnam since 1988 when exploration license for Block 6.1 was acquired. The current non-operating participating interest of OVL in the block is 45% which consists of Lan Tay and Lan Do fields. During the year 2012-13, OVL share of gas production from the fields was 2.1 BCM. Up to September 30, 2013 OVL’s cumulative investment in the block was $415 million.
OVL also holds 100% operating stake in exploration Block-128 with cumulative investment of more than $50 million. Earlier, OVL also held 100% operating stake in exploration Block-127 and invested about $51 million.
Vietnam is one of the focus countries for OVL where it would like to acquire stakes in oil and gas assets depending on techno-commercial viability. ONGC Videsh is present in E&P sector of Vietnam since 1988 when exploration license for Block 6.1 was acquired. The current non-operating participating interest of OVL in the block is 45% which consists of Lan Tay and Lan Do fields. During the year 2012-13, OVL share of gas production from the fields was 2.1 BCM. Up to September 30, 2013 OVL’s cumulative investment in the block was $415 million.
OVL also holds 100% operating stake in exploration Block-128 with cumulative investment of more than $50 million. Earlier, OVL also held 100% operating stake in exploration Block-127 and invested about $51 million.
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