Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation (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.
Besides, ONGC’s overseas arm - ONGC Videsh (OVL) has 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.
OVL 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.
| Company Name | CMP |
|---|---|
| ONGC | 283.05 |
| Oil India | 465.35 |
| Jindal Drilling&Inds | 535.35 |
| Deep Industries | 473.85 |
| Asian Energy Service | 312.75 |
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