New Delhi: State-run ONGC Videsh Ltd. has been allowed an extension to discover oil and gasoline for 3 extra years until 15 June 2026 in a Vietnamese block within the South China Sea.
“Navratna @ongcvideshltd secures extension of three extra years to discover in South China Sea’s Block 128! #India’s strategic dedication stays robust as ONGC Videsh continues its exploration journey with its eighth extension until 15 June 2026. We’re embracing challenges, safeguarding pursuits & fostering partnerships,” mum or dad ONGC mentioned in tweet.
The seventh extension was until 15 June 2023.
OVL had signed a manufacturing sharing contract with PetroVietnam for a deepwater exploratory block in offshore PhuKhanh Basin, Vietnam, in Could 2006. Vietnam’s ministry of petroleum & industries had issued the funding licence in June 2016.
In its annual report for FY23, the corporate had mentioned that it acquired 3D seismic knowledge and reprocessed 2D seismic knowledge to fulfil a part of the minimal work programme of phase-1 of exploration interval. Petroleum system modelling research have additionally been carried out based mostly on knowledge offered by PetroVietnam.
In 1988, OVL had entered Vietnam after it secured exploration licence for Block 06.1, situated within the Nam Con Son basin. The ONGC subisdiary owns a forty five% stake in Block 06.1 and its share of condensate and oil equal gasoline manufacturing from the block was at 0.693 million tonne throughout fiscal 2022-23.
The manufacturing sharing contract for Block 06.1 was legitimate until 18 Could 2023, which has been prolonged for an additional 16 years.
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Up to date: 19 Aug 2023, 05:27 PM IST
Supply: Live Mint