Oil and Natural Gas Corporation’s (ONGC) overseas arm -- ONGC Videsh (OVL) has received the seventh extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea. OVL has secured extension of the exploration phase upto June 15, 2023.
The company has not found any commercially recoverable oil and gas reserves in the block in the 16 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea. Vietnam too wants the Indian firm to counter China's interventions in the contested waters.
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.
