Indian co wins oil exploration block in Vietnam
Pallab Bhattacharya, New Delhi
India's search for energy security got another boost when the overseas arm of state-owned Oil and Natural Gas Commission (ONGC) won an oil exploration block in Vietnam with an estimated in-place of oil of over one billion barrels. The ONGC Videsh Ltd won the block on Wednesday after submitting a $75 million bid in May this year to get cent percent operating rights in the site off Vietnam's central coast. "We expect to sign the contract with the Vietnamese government in November this year after which exploration work will begin", said ONGC officials. This is the second energy block awarded to ONGC in Vietnam. It holds a 45 percent interest in gas producing fields in that country's Nam Con Son gas project.
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