ONGC Videsh is picking up stake in two Vietnamese blocks offered by PetroVietnam Exploration Production Corporation in the South China Sea. As per the agreement, ONGC Videsh will be picking up 40 per cent stake in Block 102/10 and 50 per cent in 106/10 block in offshore Vietnam. Also ONGC Videsh would be offloading half of its 100 per cent stake in Block 128 in South China Sea to de-risk exploration in the block over which China had claimed territorial rights, to PEVP. The two blocks are among those that Vietnam had offered to India to reduce the growing Chinese influence in the region. Also Vietnam has extended the opportunity for Indian Oil players to explore offshore oil fields. This is the second extension; the first one was in 2012. It has also signed an MoU with PVEP for mutual cooperation for exploration in the NELP blocks of ONGC in Andaman (4 blocks) and Cauvery Basins (5 blocks).
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