State-owned ONGC Videsh Ltd. (OVL) of India and Petrovietnam Oil & Gas Group have signed a 3-year agreement to cooperate on a range of oil and gas activities including exploration and production, refining, and transportation in India, Vietnam, and elsewhere.
In Vietnam, OVL, the international arm of Oil & Natural Gas Corp., has a 45% interest in Lan Tay gas field on offshore Block 0.61 operated by BP and a 100% interest in offshore Block 128, on which drilling is in early stages. Petrovietnam reports no interests in India.
Last year BP agreed to sell its Vietnamese interests to TNK-BP of Russia (OGJ Online, Oct. 18, 2010). The sale awaits approval.