Oct 12, 2011
Business Line The Vietnam President, Mr Troung Tan Sang, calling on the Prime Minister, Dr Manmohan Singh, at Hyderabad House in the Capital on Wednesday. Photo: Ramesh Sharma
ONGC Videsh Ltd and Vietnam Oil and Gas Group (PetroVietnam) have signed an agreement of cooperation for developing long-term relations in the oil and gas industry.
The agreement, which was signed here on Wednesday in the presence of the President of Socialist Republic of Vietnam, Mr Truong Tan Sang, and the Prime Minister, Dr Manmohan Singh, will be effective for three years.
Some of the key areas of cooperation include new investments, expansion and operations of oil and gas exploration and production including refining, transportation and supply of petroleum products in Vietnam, India, and third countries according to the laws and regulations of their countries.
The cooperation will also explore opportunities for exchange of information in the petroleum industry and exchange of working visits of authorities and specialists in various domains of the industry.
The relations between OVL and PetroVietnam date back to 1980s, which culminated in the signing of a Production Sharing Contract (in 1988) between Hydrocarbon India Ltd, (renamed later as ONGC Videsh Ltd) and PetroVietnam for development of the gas fields (Block 06.1) in Vietnam, an OVL statement said.
Both the companies have cordial relations which paved the way for the award of two exploration blocks 127 and 128 in Phu Kanh basin in Vietnam to OVL during June, 2006 through regular bidding process.
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