India's flagship overseas oil firm ONGC Videsh Ltd has secured a 16-year contract extension for producing oil and gas in Vietnam, alongside getting three more years to explore a separate block in the contested waters of the South China Sea, officials said.
Vietnamese authorities have extended the production sharing contract (PSC) for the producing Block 06.1 in the offshore Nam Con Son basin till 2039.
They have also granted an eighth extension for exploring for oil and gas in Block 128 in the South China Sea, according to officials.
OVL, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), holds a 45 per cent stake in Block 06.1, an offshore block located in Vietnam's Nam Con Son Basin.
Acquired in 1988, the block has Zarubezhneft EP BV as the operator with 35 per cent interest and Petro Vietnam holding the remaining 20 per cent.
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