ONGC Videsh signed a Letter of Intent (LoI) with PetroVietnam on 14 September 2014, to participate in the exploration of oil & gas in offshore Vietnam.
The LoI provides for expansion of exploration activities by ONGC Videsh in Vietnam by considering participation in 2-3 additional blocks, subject to technical and commercial viability and requisite approvals.
In 2006, the company got two exploration blocks in Vietnam: Block 127 and Block 128. Block 127 was relinquished after completing the work programme while Block 128 is presently under exploration.
Additionally, ONGC Videsh and PetroVietnam have been engaged in further discussions for possible expansion of cooperation in the hydrocarbon sector of Vietnam.