India cooperates with Vietnam in off-shore oil exploitation
India’s oil company ONGC Videsh Ltd (OVL) will continue its oil exploration and exploitation at Block 128, which is under Vietnam’s sovereignty in the East Sea.
An OVL senior official has told Hindistan Times that his company accepted an offer from Vietnam’s national oil company, PetroVietnam, to stay on for another two years.
OVL’s decision is a volte-face by the company, which had indicated several months ago that it intended to exit Block 128 because of its rocky seabed and difficult exploration conditions.
A government official said the decision could affect relations between New Delhi and Beijing.
OVL’s decision means that India has indirectly involved in the East Sea dispute and rejected China’s sovereign claims.
Category: Business
