ONGC Videsh, a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), has received one-year extension from Vietnam's national oil company PetroVietnam to explore a Vietnamese oil block in the contested waters of the South China Sea. This is the fourth extension for ONGC Videsh to explore Block-128, the license for which is now valid till June 15, 2017.
ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.
