ONGC Videsh inks deal with PetroVietnam

October 12th, 2011 - 4:24 pm ICT by IANS  

Manmohan Singh New Delhi, Oct 12 (IANS) ONGC Videsh Limited, the overseas arm of the government-run Oil and Natural Gas Corporation, Wednesday signed an agreement with Vietnam Oil and Gas Group (PetroVietnam) for cooperation in oil and gas exploration and production.

The two firms signed the agreement in the presence of Prime Minister Manmohan Singh and visiting Vietnamese President Truong Tan Sang here.

“The agreement is intended for developing long term cooperation in oil and gas industry and shall be in force and effect for three years,” the Oil and Natural Gas Corporation (ONGC) said in a statement.

As part of the deal the two companies have agreed to cooperate in the areas related to “exchange of information on petroleum industry, exchange of working visits of authorities and specialists in various domains of the petroleum industry, new investments, expansion and operations of oil and gas exploration and production including refining, transportation and supply in Vietnam, India, and third countries”.

The two companies have already worked together for several projects in Vietnam.

PetroVietnam helped ONGC Videsh Limited in getting contracts for two exploration blocks at Phu Kanh basin in Vietnam in 2006.

Vietnam’s upstream oil and gas sector has attracted a host of international oil and gas firms in the recent past.

“ONGC Videsh Limited is keen to enhance its investments in Vietnam offshore for exploration and production of oil and gas,” the statement said.

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