ONGC Videsh signs LOI with PetroVietnam

Offshore staff

NEW DELHI, IndiaONGC Videsh Ltd. and PetroVietnam have signed a letter of intent (LOI) to explore for oil and gas offshore Vietnam.

The LOI provides for expansion of exploration activities by ONGC Videsh in Vietnam by considering participation in two or three additional blocks, subject to technical and commercial viability and requisite approvals.

In turn, PetroVietnam may consider participation in some of the exploration blocks of ONGC Videsh on mutually agreeable terms subject to due diligence.

09/18/2014

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