Oil and Natural Gas Corporation's (ONGC) overseas arm -- ONGC Videsh (OVL) has sought another three-year extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea. If granted, this will be the eighth extension for OVL.
The seventh extension to explore for oil and gas was till June 15, 2023 and the company is in talks with Vietnamese authorities for another three-year extension. OVL has submitted a proposal for a three-year extension of the exploration phase-1 to the regulator PVN and the approval is awaited.
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.
