INVC,
Oil and Natural Gas Corporation Limited (ONGC) signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation Ltd. (PVEP – a wholly owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery Basins, subject to due diligence and negotiations on terms of participation. The MOU was signed by Mr. Dinesh K. Sarraf, Chairman & Managing Director, on behalf of ONGC and Dr. Do Van Khanh, President & CEO on behalf of PVEP.
ONGC Videsh Limited also signed a Heads of Agreement (HOA) with PVEP for mutual cooperation for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation. The HOA was signed by Mr. Narendra K. Verma, Managing Director on behalf of ONGC Videsh and Dr. Do Van Khanh, President & CEO on behalf of PVEP.
Both the MOU and the HOA were exchanged in the gracious presence of visiting Prime Minister of Vietnam H.E. Mr. Nguyen Tan Dung and Hon’ble Prime Minister of India, Shri Narendra Modi at Hyderabad House, New Delhi on 28th October, 2014.
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 and 128 in 2006. Block 127 was relinquished after completing the work programme. Block 128 is currently under exploration.
