Vietnamese offshore vessel service provider Hai Duong Petroleum and Marine Corporation (HADUCO) agreed to provide seven multipurpose support vessels to India’s Oil and Natural Gas Corporation Limited (ONGC) on 20 June. This will support ONGC's oil and gas exploration activities off India's eastern and western coasts.

Speaking at the signing ceremony in Mumbai, a counsellor at the Vietnamese embassy in India, Do Thanh Hai, said the deal will develop the Vietnamese enterprise and open up new opportunities between the two countries, news agency Vietnam Plus reported.

According to Thanh Hai, stronger trade relations between the two will contribute to better maritime connectivity and the development of the Indo-Pacific region.

Pham Xuan Thang, chairman of the board of directors of HADUCO, pledged high-quality services and safety for ONGC's exploration and production activities in India.

HADUCO owns a fleet of 42 vessels operating in India, Japan, Malaysia, Myanmar, Russia and Thailand. The company has doubled its fleet since 2018.

Earlier this year, the two companies signed an agreement for HADUCO to provide ONGC with a multipurpose anchor handling tug supply vessel of 12,000 brake horsepower for a three-year term off the east coast of India.

A recently published report by the International Energy Agency (IEA) said the increase in estimates of oil demand growth between 2022 and 2028 comes from Asia, with India surpassing China as the main source of this growth by 2027.

However, the IEA’s executive director Fatih Birol said he has big hopes for India regarding the growth of renewables in the country. “India has a big responsibility this year in the G20 presidency. When it comes to climate change, it will be at the centre of G20 negotiations,” Birol told India’s Asian News International during a G20 event in New Delhi. He added: “For renewables, electric cars and energy efficiency, I am sure India can succeed.”