The Exchange had sought clarification from Oil & Natural Gas Corporation with respect to news article appearing in Business Standard on August 26, 2015 titled ‘OVL for licence extension in Vietnam’. Oil & Natural Gas Corporation replied stating that ONGC Videsh Limited has signed Production Sharing Contract (PSC) for Exploratory Block 128 in Offshore PhuKhanh Basin, Vietnam on 24th May 2006. Ministry of Planning & Investment (MPI), Vietnam issued investment license for the Block on 16th June 2006, being effective date of the PSC. The block was under Exploration phase-1 up to 15th June, 2015. ONGC Videsh had applied extension of block to the Petrovietnam on 28th May, 2015. In response of ONGC Videsh request, Petrovietnam has granted extension of the block up to 15th June, 2016. This is a routine exercise, which applies for all the exploration blocks where extensions are required for further studies.
The above information is a part of company’s filings submitted to BSE.
