ONGC has accepted Vietnam's proposal to maintain its investment in Block 128
India's state-run oil firm ONGC plans to press ahead with long-term partner Vietnam in exploring the East Sea for oil, a report said Thursday.
ONGC has accepted Vietnam's proposal to maintain its investment in Block 128, as Hanoi has offered additional data to help make future exploration economically feasible, Dow Jones Newswires said.
India has been cooperating with Vietnam since the early 1990s as part of its "Look East policy" aimed at expanding ties with its eastern neighbors.
Vietnam's offer to India comes after China National Offshore Oil Corp. in June offered for bidding nine blocks in the East Sea for joint exploration with foreign companies, including parts of Block 128.
Vietnam says Block 128 is inside its 200-nautical-mile exclusive economic zone granted under the United Nations' Law of the Sea.
PetroVietnam has urged China to cancel the bidding for the blocks, saying they are in Vietnamese waters and has called on foreign companies not to take part, Dow Jones said.
Like us on Facebook and scroll down to share your comment