Vietnam Offers Two More Oil, Gas Exploration Blocks to India

Vietnam has offered two more oil and gas blocks to ONGC Videsh Ltd. (OVL), the overseas subsidiary of Indian state owned oil and gas major ONGC, Financial Express newspaper reported Saturday.

OVL and Petrovietnam will sign a Letter of Intent (LoI) on Monday when President Pranab Mukherjee travels to the country.

“OVL has been offered two additional blocks by Petrovietnam. In fact, Petrovietnam had offered offshore blocks to OVL earlier for which feasibility studies are going on,” Anil Wadhwa, secretary, East, ministry of external affairs, told Financial Express.

The blocks are situated in troubled waters between China and Vietnam.

OVL strengthening its presence in the South China Sea along with Vietnamese Petrovietnam is seen by industry experts as Prime Minister Narendra Modi's vision for a resurgent India with a strong presence in this part of the globe, Financial Express added.