Financial Daily from THE HINDU group of publications
Friday, Sep 30, 2005
Financial Daily from THE HINDU group of publications Friday, Sep 30, 2005 |
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Corporate
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Announcements OVL bags offshore block in Vietnam Our Bureau
New Delhi , Sept. 29 ONGC Videsh Ltd (OVL) has been awarded a 100 per cent offshore exploration block as operator in Vietnam. According to a statement issued by the company here on Thursday, OVL has been selected as the winner for Block 127 in Phu Khanh Basin with 100 per cent participating interest and operating rights. Phu Khanh basin is an undrilled deepwater basin with more than 14,000 km of 2D seismic data already acquired. Block 127 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, the company said. The block is close to 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, the company stated. It added that this is the biggest oil and gas project in Vietnam. OVL holds 45 per cent participating interest in these producing fields. Petro Vietnam had invited global competitive bids for nine offshore exploration blocks in the 2004 Licensing Round.
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