ONGC Videsh, the Indian oil and gas company, has been granted an extension of three years by the Vietnamese government for the exploration of 'Block 128'. The company has been operating in Vietnam since 1988 and has played a crucial role in the country's oil and gas sector. With this extension, ONGC Videsh is expected to continue its operations and exploration activities in the block, which is located in the offshore basin of Phu Khanh. This comes as a significant move for the company, which has been striving towards expanding its international operations and strengthening its presence in the Southeast Asian region.
1. ONGC Videsh has been granted a three-year extension by the Vietnamese government for exploration activities in 'Block 128'.
2. ONGC Videsh has been operating in Vietnam since 1988 and has played a vital role in the country's oil and gas sector.
3. The extension allows ONGC Videsh to continue exploration activities in the offshore basin of Phu Khanh.
4. ONGC Videsh expressed gratitude to Vietnamese authorities for their trust and support in granting the extension.
5. The company aims to enhance its understanding of the geology and resources in 'Block 128', ultimately working towards a sustainable energy project in Vietnam.
ONGC Videsh has invested over $1.2 billion in exploration and production activities in Vietnam.
This extension allows ONGC Videsh to continue its exploration activities in the offshore region of Vietnam, specifically in 'Block 128'. The company has expressed its gratitude to the Vietnamese authorities for their trust and support, stating that this extension will greatly contribute to its ongoing efforts in uncovering potential oil and gas reserves in the region. With this three-year extension, ONGC Videsh aims to further enhance its understanding of the geology and resources present in 'Block 128', ultimately working towards the development of a sustainable and successful energy project in Vietnam.