The agreement between ONGC Videsh Ltd. and Vietnam Oil and Gas Group, or PetroVietnam, was among several signed between the two countries in Hanoi Monday as part of a four-day visit to Vietnam by Indian President Pranab Mukherjee.
"ONGC has been conducting oil and gas exploration and production in Vietnam for many years, and today's agreement will pave the way for us to extend our cooperation in other blocks offshore Vietnam," Do Van Hau, PetroVietnam's chief executive, told The Wall Street Journal.
ONGC already has a stake in a gas-production block on the southern Vietnam coast. It is also drilling in offshore exploration block 128 in the South China Sea. It relinquished adjacent block 127 in 2011 after it failed to find any oil or gas in the area.
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