Main purpose is to explore for oil and gas offshore Vietnam
Oil Natural Gas Corporation oil rig
New Delhi: Having extended its stay in South China Sea to promote India’s strategic interest, state owned Oil and Natural Gas Corp is looking for an equity partner to continue exploration for oil and gas offshore Vietnam.
ONGC Videsh Ltd, the overseas investment arm of ONGC, had in July 2012 reversed its decision to exit Block 128 as Hannoi offered additional data that could help it make future exploration economically feasible and discovering hydrocarbons commercially viable.
“We are looking for a partner for Block 128 where we currently hold 100 per cent interest. We are talking to PetroVietnam and some others,”OVL managing director S P Garg said.
( Source : PTI )
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