OVL, PetroVietnam ink pact to explore blocks in Vietnam

摘要

The foreign arm of explorer Oil and Natural Gas Corp, ONGC Videsh Ltd. (OVL) has signed a Letter of Intent (Lol) with PetroVietnam to explore oil and gas in offshore Vietnam. The Lol provides for the expansion of exploration activities by OVL in Vietnam by considering participation in two-three additional blocks subject to technical and commercial viability and requisite approvals, ONGC said in a statement. "In turn, PetroVietnam may consider participation in some of the exploration blocks of ONGC Videsh on mutually agreeable terms subject to due diligence," it added.