ONGC partners PetroVietnam for 3-yr cooperation pact

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New Delhi, Oct 12: India's oil retailer giant Oil and Natural Gas Corporation on Wednesday, Sept 12 has signed a three-year agreement with PetroVietnam for developing long-term corporation in the oil sector as well as for expans its investment in overseas.

The deal between ONGC Videsh and Vietnam's oil and gas agency will carry new investments and strengthening presence from drilling-to-dispensing in Vietnam, India, and other countries, ONGC said in a statement.

ONGC Videsh, along with TNK-BP and PetroVietnam has a stake in a gas field in the Nam Con Son basin in off Vietnam's south coast. In 2006, Vietnam had awarded two exploration blocks 127 and 128 in Phu Kanh basin to ONGC Videsh.

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