Friday, September 30, 2005
ONGC Videsh bags Vietnam block
Our Economy Bureau / New Delhi September 30, 2005
OVL, Oil & Natural Gas Corporation's (ONGC) overseas investment arm, has been awarded 100 per cent participating interest and operatorship for an exploration block in Vietnam.
The company informed the BSE that ONGC Videsh has been selected as the winner for Block 127 in Phu Khanh Basin with 100 per cent participating interest and operatorship.
Block 127 is close to the Nam Con Son project sourcing gas from Lan DO and Lan Tay fields discovered by OVL (then Hydrocarbons India Ltd) in 1992 and 1993 respectively. This is the biggest oil and gas project in Vietnam. OVL holds 45 per cent participating interest in these producing fields.
Phu Khanh basin is an undrilled deepwatar basin with more than 14,000 km of 2D seismic data already acquired. Many leads and prospects have been identified and mapped.
The block is located at water depth of more than 400 metres with 9,246 sq.km. area where two prospects have been identified with estimated in place resource of more than one billion barrels.
PetroVietnam had invited global competitive bids for 9 offshore exploration blocks in the 2004 Licensing Round.