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Wednesday, October 12, 2011

ONGC Videsh signs an agreement with PetroVietnam

NEW DELHI: State-run Oil & Natural Gas Corp (ONGC) and PetroVietnam have signed an agreement to jointly explore upstream and down-stream opportunities in India, Vietnam and other countries to further strengthen their existing partnership in oil and gas sector.

"The agreement is intended for developing long-term cooperation in oil and gas industry and shall be in force and effect for three years," ONGC said in a statement.

Partnership between ONGC's overseas arm ONGC Videsh and PetroVietnam is three decades old with Indian firm's involvement in the development of gas fields in 06.1 block in Vietnam, which contributes about 50% its domestic gas requirements, the statement said. Besides, the producing block, OVL also holds stakes in two exploratory blocks; 127 and 128 in Phu Kanh basin in Vietnam, which it bagged in 2006 through bidding process.

ONGC Videsh and PetroVietnam signed the cooperation agreement in presence of President Truong Tan Sang and Prime Minister Manmohan Singh in New Delhi.

The two companies have agreed to cooperate in exchanging information on petroleum sector, making new investments, expanding operations in oil and gas exploration and refining, it said.

Vietnam's upstream sector has attracted host of international energy firms recently and OVL is keen to enhance its investments in Vietnam offshore for exploration and production of oil and gas, the statement added.

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