Vietnam offers 5 oil & gas blocks to OVL

Nov 22 2013, 04:40 IST
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SummaryIf OVL decides to take any or all of the blocks, a production sharing contract (PSC) will be signed.

Vietnam has offered to give ONGC Videsh five offshore oil and gas exploration areas without bidding, in a move to counter China’s

influence in the region.

Vietnam offered five exploration blocks on nomination basis during talks with visiting Vietnamese Communist Party general secretary Nguyen Phu Trong on Thursday, a top official said.

The five blocks or areas - 17, 41, 43, 10 & 11-1 and 102&106/10 lie outside the territory claimed by China in the South China Sea.

“OVL will study the data on the blocks and has the option to pick and choose from the blocks. It can even take all of them and also has to option not to take any of them,” he said.

If OVL decides to take any or all of the blocks, a production sharing contract (PSC) will be signed.

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