PVEP and ONGC (India) signed a cooperation agreement in petroleum field

PVEP and ONGC (India) signed a cooperation agreement in petroleum  field - 

Under the witness of Vietnam Prime Minister Nguyen Tan Dung and Indian Prime Minister Narendra Modi, the PetroVietnam Exploration and Production Corporation (PVEP) and Indian Multinational Petroleum Corporation(ONGC) have signed a cooperation agreement in petroleum  field.

PVEP and ONGC sign the cooperation agreement.

PVEP informed, the cooperation agreement was signed during a PVN mission accompanying Prime Minister Nguyen Tan Dung in an official visit to the Republic of India on October 27 - 28, 2014.

According to the agreement, one of the most important contents unified by the sides is the cooperation to explore NELP Lot of ONGC at Andaman and Cauvery basins - India.

Two sides also exchanged opinion with high consensus about the activities on cooperation to explore 102/10 and 106/10 Lots of PVEP and 128 Lot of ONGC Videsh at the offshore Vietnam. On the basis of constructive negotiation and unity of the common clauses, PVEP has signed the framework agreement for this cooperation program.

Previously, during the visit of the President of India to Vietnam on September 15-17, 2014, ONGC Videsh and PetroVietnam also signed an Intent Letter on cooperation for oil and gas exploration and exploitation. ONGC has been actively implementing a number of PSC petroleum contracts at 06-1,128 and 114 Lots at offshore Vietnam.

ONGC is one of the first Foreign petroleum companies interested in petroleum field in Vietnam since 1988 through awarded the investment license 06-1 Lot, a result of open door policy of economy and the Foreign Investment Law in Vietnam which adopted in December 1987. ONGC also has conducted exploration at Lots 127 and 128 since 1996.

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