If approved, OVL, the international division of the state-owned Oil and Natural Gas Corporation, will be awarded its seventh extension.
Officials said the seventh extension to explore for oil and gas was till June 15, 2023 and the company is in talks with Vietnamese authorities for another three-year extension.
OVL, they said, has submitted a proposal for a three-year extension of the exploration phase-1 to the regulator PVN and the approval is awaited.
The company has so far not found any commercially recoverable oil and gas reserves in the block in the 17 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea.
Vietnam too wants the Indian firm to counter China's interventions in the contested waters.
Denne historien er fra August 14, 2023-utgaven av The Business Guardian.
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Denne historien er fra August 14, 2023-utgaven av The Business Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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PM MODI DEDICATES THREE PARAM RUDRA SUPERCOMPUTERS TO NATION
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Saj Hotels limited IPO opens on 27th september, 2024
Our company is engaged in Hospitality industry.
