India's OVL, PetroVietnam Intend to Work Together in Exploring Oil, Gas Offshore Vietnam

ONGC Videsh Limited (OVL), overseas arm of India’s state owned energy major ONGC, and PetroVietnam signed a Letter of Intent (LOI) on Monday to participate in the exploration of oil and gas offshore Vietnam, ONGC said in a statement earlier this week.

The LOI was signed during the state visit of President of India to Vietnam.

The LOI provides for expansion of exploration activities by ONGC Videsh in Vietnam by considering participation in 2-3 additional blocks subject to technical and commercial viability and requisite approvals, ONGC said. In turn, PetroVietnam may consider participation in some of the exploration blocks of ONGC Videsh on mutually agreeable terms subject to due-diligence.

Last week, Vietnam offered two more oil and gas blocks to ONGC Videsh Ltd.