Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation’s (ONGC) overseas arm -- ONGC Videsh (OVL) -- has received two-year extension to explore Vietnamese oil block in the contested waters of the South China Sea. This is the fifth extension for the company to explore Block-128, the licence for which is now valid till June 15, 2019.

OVL first took a two-year extension of the exploration period till June 2014 and then another one year. A third extension was granted on May 28, 2015 and a fourth last year. The company has so far invested $50.88 million in the block.

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.