The Hindu Business Line : OVL board meeting likely in Vietnam

In keeping with its status of a global player, ONGC Videsh Ltd (OVL), the overseas arm of ONGC, is planning to hold its board meeting in Vietnam. According to sources, if the mandatory approvals come through, this would be the first time that OVL would be holding its board meeting at a place where it has production assets.

This would coincide with the company signing production-sharing contract (PSC) with the Government of Vietnam for the two Blocks, which OVL was awarded last November. The board meeting is expected to be held on May 24.

Vietnam's national oil company Petro Vietnam has awarded the offshore exploration block 128 in Phu Khanh Basin to OVL with 100 per cent participating interest and operatorship. Mr Subir Raha, Chairman, OVL, had then said that with the award of blocks 127 and 128 for offshore exploration in Vietnam, the company was consolidating its presence in that country.

OVL already has 45 per cent participating interest in the producing properties of Lan Do and Lan Tay offshore blocks. These awards came out of global competitive bidding for nine offshore exploration blocks in the Vietnam 2004 Licensing Round.

OVL has been awarded both the blocks it had bid for. Block 128 is located in a depth of more than 400 metres with 7,058-sq.km. area. The two prospects have been identified with estimated in-place resource of around 190 million tonnes.

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