PetroVietnam Offers Five Oil, Gas Blocks to India's OVL

PetroVietnam has offered five oil and gas blocks to ONGC Videsh (OVL), the overseas arm of ONGC.

The Indian state owned firm would assess these blocks and if these are of interest, it would make a proposal to PetroVietnam, it said in a statement.

According to OVL, Vietnam is one of the focus countries for ONGC Videsh 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.

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