(PTI)
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp (ONGC), has sought yet another two-year extension to explore a Vietnamese oil block in the contested waters of the South China Sea. Officials said OVL has applied for a sixth extension to explore Block-128, the licence for which was valid till June 15, 2019.
While India wants to maintain its strategic interest in the South China Sea, Vietnam wants an Indian firm to counter China’s interventions in the contested waters.The officials said OVL had in May applied to the Vietnamese authorities for the sixth extension of the exploration licence for the deepsea block and is likely to get it.
“We have a commitment to drill one well on the block and to fulfil that we have sought an extension,” one of the officials said. Another official said the company had a couple of years ago drilled a well on the block but it could not reach the target depth and so it now has to drill the well all over again.“If we don’t drill, we are liable to pay penalties,” he said.
