OVL secures extension to explore a Vietnamese oil block

ONGC Videsh Limited (OVL), the overseas arm of the Oil and Natural Gas Corporation (ONGC), has received a one-year extension to explore a Vietnamese oil block in the contested waters of the South China Sea. This is the fourth extension given to OVL for exploring Block 128, the licence for which is valid till June 15, 2017. In May 2016, OVL had applied to the Vietnamese authorities for the exploration licence extension for the deep-sea block to maintain India’s strategic interest in the South China Sea. Vietnam’s national oil company PetroVietnam has granted the extension to OVL.

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