ONGC Videsh on Tuesday said it has signed a Letter of Intent (LoI) with PetroVietnam to explore oil and gas in offshore Vietnam.
The LoI provides for the expansion of exploration activities by ONGC Videsh in Vietnam by considering participation in two-three additional blocks subject to technical and commercial viability and requisite approvals.
“In turn, PetroVietnam may consider participation in some of the exploration blocks of ONGC Videsh on mutually agreeable terms subject to due diligence,” the company said in a statement.
ONGC Videsh forayed into Vietnam as early as 1988, when it bagged an exploration licence for Block 06.1.
The company got two exploration blocks — Block 127 and Block 128 — in 2006. However, Block 127 was relinquished after completing the work programme, while Block 128 is currently under exploration.