Oil and Natural Gas Corp (ONGC)'s overseas unit ONGC Videsh (OVL) has sought approval from Vietnamese authorities for the eighth extension of the exploration licence for Block 128 offshore Phu Khanh Basin, reported PTI via Business Standard.
The company has submitted a three-year extension of the phase one exploration at the block to the regulator PVN. The seventh extension at the block was until 15 June 2023.
OVL signed a production sharing contract (PSC) for Block 128 with Vietnam's national oil company PetroVietnam in May 2006.
The company has since not found any commercially recoverable oil and gas reserves in the block, which is located in the South China Sea.
However, OVL continued its presence in the block due to the strategic interest of India in the South China Sea.
The company has completed the licence requirement for 3D seismic data shooting and 2D seismic data reprocessing and drilling of the committed one well. It also completed petroleum system modelling studies on data provided by PetroVietnam.
OVL operates the block with a 100% stake. The block covers an area of 7,058km² with water depths ranging from 200m to 2,000m offshore Phu Khanh Basin.
In Vietnam, ONGC also owns a 100% exploration licence for the 955km² Block 06.1 in the Nam Con Son basin. This block comprises two producing fields: Lan Tay and Lan Do.
